In May, imported scrap prices in Türkiye showed a steady downward trend. This week, imported scrap prices from Türkiye have remained flat for a while due to weak demand and low offers. There is ongoing weakness in both the Turkish steel sector and the US domestic market. Suppliers were forced to cut prices to secure sales. As a result, deals were also slightly discounted. Mills are demanding lower prices, but suppliers are resisting by demanding higher prices compared to last week.
However, amid the scrap supply shortage in Europe, the latest prices reflect the increasing downward pressure. This, along with European traders' offers and Turkish mills' offers, has further raised concerns over supply to the Turkish market. US scrap steel continues to be in demand, with offers from the US at around $380/ton CFR and from the EU at around $375-376/ton CFR. Weak finished steel demand in domestic and export markets led Turkish buyers to reduce their import scrap offers. In the short sea market, prices are moving in line with prices from major destinations. Last week, offers ranged between $360 and $365 per tonne CFR, with some participants reporting even lower prices. Currently, values are set at $355-360 per tonne CFR. Although suppliers are trying to maintain stable local prices and are reluctant to reduce prices for exports, discounts are still seen in weekly deals.
Recent contacts made by Turkish steelmakers;
Deals from Europe to the Mediterranean region;
HMS 1/2 (80:20) scrap from the UK for $373.50 (bonus $396.50) CFR Türkiye,
Deals from the US to the Mediterranean region;
HMS 1/2 (80:20) scrap from USA to Iskenderun for $379.50 (shred 399.50, bonus 399.50) CFR Türkiye,
Deals from Europe to Marmara region;
HMS 1/2 (80:20) scrap 373$ (bonus 393$) CFR Türkiye,
HMS 1/2 (80:20) from the UK for 373,50$ (shred 398,50$, bonus 398,50$) CFR Türkiye,
Deals from Europe to the Aegean region;
HMS 1/2 (80:20) scrap from UK for $373 CFR Türkiye,
HMS 1/2 (80:20) $379 (bonus $399) CFR Türkiye.
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