The US and Europe raised their scrap prices to Türkiye due to the price hikes in global markets.
Imported scrap prices continued to fluctuate, rising from $368 to $385 for HMS 80:20 and $405 for shredded scrap in the US and from $360 to $374 for HMS 80:20 in Europe.
According to market commentators, “The scrap market accelerated and the local rebar market in Türkiye gained strength. With price developments in China, scrap prices are expected to return to the $390 levels of earlier this summer and to the $385 levels in Europe.” This activity is also expected to increase scrap collection costs.
According to market analysts, the sharp rise in iron ore prices following the surge in billet purchases is attributed to the cancellation of billets sold at low prices and rumors that billet shipments in October and beyond may be delayed. This may increase producers' focus on scrap options.
While trade in the US domestic market is moving in a positive direction, demand in Europe's domestic market is still weak, competition is fierce, energy costs are high and it is yet to show signs of recovery. However, the expectation of rising prices continues, with Türkiye leading the way in scrap exports.
As for the impact of the US strike on the scrap market, market commentators said, “It is difficult to conclude what affected what as it was a fairly short strike. All ILA ports were clearly affected, causing disruption to exports at these ports.”
Domestic rebar and billet sales in Pakistan remain sluggish following a pause in infrastructure projects. Domestic scrap prices continued to decline to $515-520/t, while the imported scrap market was at $405-408/t for shredded scrap and $390 CFR Qasim for Hms 1 scrap on offers from the UK. Deals closed at $390-405/t last week. Prices in India have been flat this week, while offers for shredded scrap from the US are said to be available at $388/t.
On the first day of the week, Greece offered $315 ex-work for HMS1 scrap, Bulgaria €319 FOB Plovdiv for HMS 80:20 scrap and €339 DAP Kapikule for HMS 80:20 scrap (offers), Tunisia $385 CNF Mundra Port by Container for HMS1 scrap (offers) and Thessaloniki $315 ex-work for HMS1 scrap.
According to Türkiye imported scrap deals this week;
Deals from Europe to the Mediterranean region;
HMS 80:20 360$ CFR Türkiye,
Deals from Europe to the Aegean region;
HMS 80:20 369$ CFR Türkiye, Shredded 384$ CFR Türkiye,
Deals from the US to the Aegean region;
HMS 80:20 377$ CFR Türkiye, Bonus 397$ CFR Türkiye,
Deals from the US to the Black Sea region;
Shredded scrap 396,50$ CFR Türkiye level,
Deals from the US to the Marmara region;
HMS 80:20 388$ CFR Türkiye, Shredded 408$ CFR Türkiye, Bonus 413$ CFR Türkiye.
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