Turkish steel producers increased their purchases of foreign scrap in May as they needed to replenish their stocks after the low purchases in April.
In May, Turkish steel producers booked at least two deep-sea shipments with a total volume of more than 1.5 million tonnes, which is half a million tonnes more than in April.
Most of the cargo purchased for transportation was scheduled for June, and at the end of the month several other categories were reserved due in July.
The first part of May was generally stagnant as Turkish steel mills preferred to postpone the loading of ferrous scrap due to the unfavourable situation in the final steel sector.
According to an informed source, sales of rebar were low, so no one wanted to have a large amount of scrap and most decided to wait.
However, in the second half of May, steel producers needed a renewal and sellers' discounts increased to excite buyers.
With the arrival of the Eid al-Adha holiday, Turkish steel manufacturers began to buy scrap for their warehouses.
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