Türkiye imported scrap prices continue to decrease

Turkish import scrap prices continued to fall as European recyclers resisted due to slow scrap inflows and firm collection costs, while buyers lowered their applicable price levels. Recyclers warn that oversupply of US and Baltic scrap could lead to significant losses for European scrap. Even though domestic quotations are stabilizing, export deliveries can only be completed at a reduced rate of $4 per week.

In Europe, suppliers are testing the local market by raising steel product prices. Few are willing to cut prices, but even then it is thought to be the only way to increase customer interest.

The current market sentiment is generating price offers in the short sea segment. In the weekly comparison, $360-365/t CFR instead of $365-370/t CFR are considered as the current offers.

In conditions of limited opportunities for export sales of rolled products (worsening of the situation in the Middle East, renewal of the sales quota in the EU markets only from July 1st) and weakening domestic consumption (389 construction companies started preparing for bankruptcy in the first three months of this year), some Turkish companies are also raising the issue of reducing production and shutting down plants for two-week repairs.

Recent deals made by Turkish steel producers;

Deals from the UK to the Aegean region;

HMS 1/2 (80:20) from the UK at $377 CFR Türkiye,

Deals from Europe to Marmara region;

HMS (75/25) from Germany $375 (Bonus $400/june shipment) CFR Türkiye,

Deals from the USA to Marmara region;

HMS 1/2 from USA (80:20) $383 CFR Türkiye,

HMS 1/2 (80:20) from the USA for $380 (done 16/05) CFR Türkiye,

HMS 1/2 (80:20) from USA - $380 (done 16/05) CFR Türkiye,

HMS (90:10) from the USA at $387 (done last week) CFR Türkiye,

Deals from Europe to the Aegean region;

HMS 1/2 (80:20) $375 CFR Türkiye,

Deals from the US to the Mediterranean region;

HMS 1/2 (80:20) scrap from USA to Iskenderun at $382.50 CFR Türkiye,

Deals from the US to the Aegean region;

HMS 1/2 from South America (80:20) $372 CFR Türkiye.