Turkey's imported scrap prices increased. After the increase, steel producers started to increase their product prices.
Although the rise in prices since Monday has greatly accelerated sales, concerns about sustainability remain. Because end-user demand is still missing.
Considering that the fundamentals of price increases are not sound, Turkish steelmakers are cautious about their purchases of imported scrap.
After last week's recent sales from the US and the Baltic for HMS 80:20 at $340 and $342/t cfr Turkey, scrap suppliers are targeting higher prices this week. A new purchase was made today at $343/ton.
After rebar sales from Turkey to Chile, EU, Israel and Yemen at around $615/t fob last week, mills' new offers have increased to $630-645/t fob this week. Prices in the domestic market are trading at the same levels.
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