Imported scrap prices decreased at the beginning of the week

Türkiye's billet purchases have also affected imported scrap prices. After bottoming out in August and rising again at the beginning of September, the downtrend resumed in early September due to oversupply in Europe. While US prices have fallen to around $368, purchases from Europe have been ranging between $357-362. A strike by port workers in the East and Gulf coasts of the US may also lead to a slight drop in demand and transportation problems. Türkiye's imported scrap market is expected to remain volatile for some time.

According to market commentaries, European sellers have started to retreat while Norton and Sims US remain in the market. While trade in the US domestic market has been positive, demand in Europe's domestic market is still weak. According to sellers' comments, imported scrap prices are also expected to rebound towards the end of October and early November, but the risks of possible price volatility remain to be considered. However, as with rebar, the general mood in the iron ore market is one of strategic positioning in anticipation of the upcoming demand recovery and volatility. Resistance in both markets (iron ore and rebar) is mostly driven by profit-taking and there are currently fewer expectations of market weakness.

The South Asian ship recycling market had another challenging week with sluggish activity in India, Pakistan and Bangladesh. However, Indian imported scrap markets showed signs of improvement this week. HMS 1 scrap prices are hovering around $375 and HMS 80:20 scrap prices are in the $360-365 range. Africa's HMS scrap prices continue at the same rate.

According to the deals made this week;

Deals from the UK to the Aegean region;

HMS 80:20 362$ CFR Türkiye,

Deals from Europe to Marmara region;

HMS 80:20 357$ CFR Türkiye,

Deals from Europe to the Aegean region;

HMS 80:20 $357 CFR Türkiye,

Deals from Europe to the Mediterranean region;

HMS 80:20 $362 CFR Türkiye,

HMS 80:20 361$ CFR Türkiye,

HMS 80:20 362,50$ CFR Türkiye,

Deals from the US to the Mediterranean region;

HMS 80:20 368$ CFR Türkiye, Bonus 388$ CFR Türkiye,

Deals from the US to the Marmara region;

HMS 80:20 368$ CFR Türkiye, Bonus 388$ CFR Türkiye, Shredded 388$ CFR Türkiye,

HMS 80:20 was placed at $368 CFR Türkiye.