Imported scrap prices on the rise again

Imported scrap prices, which have been struggling to recover since the summer season, have fallen significantly in the last 2 weeks. Purchases from Europe and the US had fallen to $353 and $360 respectively. Turkish producers were expecting the US to offer around $365 and in the US-Marmara region deal heard, sellers raised their prices by around $8-10 to around $370 again.

According to market experts, US sellers are unwilling to lower scrap prices below $370 and scrap needs to recover to get the volume to meet their needs, while a few market experts do not think that the US will be able to demand above $370-375.

Attractive billet and slab offers from China at $455-460 CFR Türkiye continue to come in and the decline in iron ore is also affecting the scrap market. Türkiye's imported billet buying activity is low due to weak long product sales. Trade is almost non-existent but prices, which have been as low as 465 for three weeks, are expected to rise. Billet purchases are currently around $460-470. Some orders are said to have been canceled but expectations are positive.

According to suppliers in Europe, prices are not as low as they expected in the local market and it is said that sales can be realized at $361-362 levels, although the offers to be made during this period are at 365 levels. Local scrap dealers in Germany reportedly do not have much stock in their warehouses and local mills are paying much better prices compared to Türkiye and the centers. “Shipyards don't have much material either, they are selling locally,” a trader in Germany commented.

In the deals between the UK and India, prices for HMS 80:20 are in the range of $370 to $380, while for mill scrap prices are quoted between $390 and $400. Although the UK's mill scrap offers to Bangladesh are around $400-405, buyers are not warm to this price. In Bangladesh, due to the political situation, new agreements have not yet been reached and Bangladeshi steelmakers are currently silent.

Some market experts told SteelRadar that prices are likely to fall further, while others expect them to remain at these levels, but the general consensus is that “This month's price is hard to read. Today, no one can predict what will happen in October or November, unfortunately.”