Türkiye's deep-sea imported scrap market continued its downward trend this week, pressured by weak demand for finished steel products and mills maintaining a procurement strategy focused primarily on immediate requirements. The slowdown in the long steel segment, in particular, continued to weigh on overall market sentiment.
Offers for US-origin deep-sea scrap were largely heard at $373-375/t CFR Türkiye during the week. However, elevated freight costs have limited suppliers' willingness to make further price concessions.
Weak domestic rebar demand remained another key factor putting pressure on scrap prices. As a result, Turkish steelmakers continued to adopt a cautious approach toward raw material purchases, leading to limited deep-sea booking activity. Meanwhile, market participants continued to monitor developments in the US scrap sector, where the divergence between domestic and export markets became increasingly evident toward the end of June.
At the same time, sluggish export demand and signs of a slowdown in the housing sector suggest that downside risks have not completely disappeared for the US scrap market. Market sources believe that any additional pricing pressure could become more visible during the August-September period.
During the week, deep-sea scrap transactions into Türkiye were concluded at $363-365/t CFR for UK- and Europe-origin cargoes, while Russian-origin material was reported at around $363/t CFR.
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