Turkey: Imported Scrap Prices Remain Stable in Recent Deals

SteelMint learned from market participants that Turkish imported scrap prices remain firm after the recent deep-sea cargoes bookings confirmed today. Amid the consistent drop in prices in the last several week, few industry sources consider it a stabilizing sign for the coming weeks.

In recent deals reported, a Mediterranean region based steelmaker booked a bulk vessel with 30,000 MT of mixed cargo from a USA based supplier, comprising of 22,000 MT at USD 233/MT CFR, 4,000 MT of Shredded at USD 238/MT and 4,000 MT of Bonus scrap at USD 243/MT CFR Turkey.

Another steelmaker from Marmara region booked a bulk vessel with 40,000 MT of Shredded scrap in entirety, at USD 232/MT CFR Turkey, from another USA based yard.

Prior to this, last week 2 prominent steelmakers from the Mediterranean region had booked a bulk vessel each comprising of 20,000 MT and 17,000 MT of HMS 1&2 (80:20) respectively, at USD 228/MT CFR Turkey.

As per SteelMint’s methodology, an assessment of US-origin HMS 1&2 (80:20) scrap has remained at USD 233-234/MT, CFR Turkey, almost stable against last week’s report. While assessment of European origin HMS 1&2 (80:20) also stands stable at around USD 228-229/MT, CFR Turkey

As per data maintained by SteelMint, Turkish imported scrap prices are currently standing at 3 - year low levels.

Turkish rebar export prices are now down to USD 400-410/MT range, FoB, USD 5-10 down against last week.