Turkey: Imported Scrap Prices Range-Bound in Recent Trades

SteelMint learned from industry participants that Turkey’s imported scrap market has observed limited bookings so far this week at almost stable prices. However, steel mills remain hesitant to buy aggressively amid high offers and weak finish steel demand.

In a recent deal, a Benelux supplier sold an April shipment cargo comprising 25,000 MT HMS 1&2 (75:25) at USD 317/MT and 5,000 MT of Bonus scrap at USD 331/MT, CFR Turkey. According to SteelMint’s assessment, this deal is equivalent to HMS 1&2 (80:20) at USD 321-322/MT, CFR almost stable against the assessment done closing last week.

A leading UK based recycling yard sold a couple of cargoes of HMS 1&2 (80:20) comprising 23,000 MT to a Marmara based steelmaker and 18,000 MT to another steel mill at USD 320/MT, CFR in Turkey. Earlier to this, the same supplier sold end-March shipment comprising 22,000 MT of HMS 1&2 (80:20) at USD 320/MT, CFR Turkey.

According to SteelMint’s assessment, US origin HMS 1&2 (80:20) scrap stands at around USD 323-325/MT, CFR Turkey which is marginally up against last weeks’ report while that of Europe origin stands at around USD 318-320/MT, CFR. A premium of US material over Northern European scrap stands at around USD 5-6/MT. Prices remain almost stable, however, supplier remain optimistic on decent demand-outlook and premium HMS 1&2 (80:20) was being offered at around USD 325-330/MT, CFR.

On the other hand, Turkey’s rebar market sentiments continued to remain bearish on weak demand. Rebar export offers reported steady in the range USD 470-480/MT, FoB Turkey. Moreover, CIS rebar export offers continue hovering in the range of USD 475-490/MT, FoB Black Sea port depending on destination amid customers resist high offers being quoted by steel mills.