Rising domestic demand in Türkiye points to a rebound in scrap prices

Scrap sales from the US gain momentum

Two new cargo sales were reported from the East Coast of the United States.

• A US-based seller sold HMS 80:20 scrap to the Marmara region at $347/ton CFR Türkiye, and shredded and bonus scrap at $367/ton.
• Another seller concluded a sale to the Mediterranean region at an average level of $364/ton CFR Türkiye for 95:5 and bonus scrap.
• In another sale to the Marmara region, HMS 80:20 was transacted at $346/ton, and shredded and bonus scrap at $366/ton CFR Türkiye
• A North American seller sold 12,000 tons of HMS 80:20 scrap to the Mediterranean region at $346/ton CFR Türkiye, and 18,000 tons of shredded scrap at $366/ton CFR.
• Another seller sold 15,000 tons of HMS 80:20 at $345/ton, and 7,000 tons of shredded and 10,000 tons of bonus scrap at $365/ton CFR Türkiye.

Mixed activity in Baltic and European markets

In the Baltic region, a Russian-origin seller continued to offer cargo at a level of $347/ton.

On the European side:

• A UK-based seller offered at $340/ton CFR Türkiye,
• A sale from Germany to the Marmara region was made at $342.5/ton CFR Türkiye,
• A sale from the Netherlands to the Mediterranean region for HMS 80:20 scrap was concluded at $340/ton CFR Türkiye.

While a Lithuanian seller has yet to finalize a sale for a previously offered cargo, it is reported that a UK cargo, which entered the market at $342/ton CFR earlier in the week, has been withdrawn and sold to an alternative destination.

Price increases limited, September bookings to be decisive

The market remains generally active. Turkish mills continue their price inquiries for September shipments. Although sellers acknowledge that the room for price increases is limited in the short term, an upward movement is expected as September bookings gain momentum.

Scrap abundance perception limits sellers

The prevailing perception of scrap abundance in the market, along with the lack of confidence stemming from last year’s prolonged sluggish trade, continues to limit sellers’ ability to push prices higher.