Imported scrap prices on the decline, demand stagnant!

Imported scrap prices in Türkiye have been on a downward trend since last weeks. After hitting a low of around $353 following the summer period, scrap prices have continued to gradually decline in November, reaching around $340 for smaller cargoes. According to comments, it is difficult to determine these prices as market prices.

While some market commentators are expecting a decline towards $320-325, others agree that prices are likely to remain around $340 for November and December. In the import market, demand seems to be limited, but some regions continue to receive some demand. Purchases can be made in certain quantities for late December/early January deliveries. Insufficient demand, especially in Europe, led to a decline in ferrous scrap prices. Domestic and export scrap prices in Europe and the US continue to remain stagnant.

According to the information obtained by SteelRadar from some scrap dealers, Turkish mills' scrap stocks are full and therefore purchases are continuing at a lower level. Demand on the buying side is very weak relative to sellers' prices and downward pressure continues.

“After the sales of one terminal, the European market is down from $350 to $348. While this left only a very small margin for them, the scrap buy side went into a holiday mood and the incoming flow started to fall. The euro has been relatively strong so far and if the Chinese optimism continues, we could see a bottom around $350, but we are starting to see lower prices. Also, we cannot underestimate the psychological support effect as this is the lowest level since October 2023,” he said.

Imported scrap prices continue to have an impact on global markets as well. While India's HMS 1 scrap prices are at $370, according to a commentary, “The Indian scrap market should easily be $375-380 today. But sellers sold it at $370. There is no need to lower the price, it is just a loss”

According to Türkiye imported scrap connections made this week;

Deals from Europe to Marmara region;

HMS 80:20 356$ CFR Türkiye,

HMS 80:20 345$ CFR Türkiye,

Deals from Europe to the Mediterranean region;

HMS 80:20 340$ CFR Türkiye

Deals from Europe to the Aegean region;

HMS 80:20 344$ CFR Türkiye

Deals from the US to the Marmara region;

HMS 80:20 353$ CFR Türkiye, Shredded 373$ CFR Türkiye, Bonus 373$ CFR Türkiye.