Scrap market decline continues as bottom levels remain in focus

Scrap market decline continues: Demand is limited, trading volume remains low

The scrap market started the new week on a weak note. Recent sales have pushed prices to around $330/mt CFR Türkiye, with both European and U.S. suppliers accepting lower levels. This indicates that U.S. exporters are also adapting to the ongoing downward trend.

Turkish mills remain cautious
Turkish mills largely stayed on the sidelines at the beginning of the week. While spot demand persists, weak end-product sales and political uncertainty are limiting purchasing interest. Market participants commented, “Supply exceeds demand, which is keeping prices from rising. Recovery may be limited in the near term, but as we enter the winter season, mills’ need for scrap is expected to increase trading activity. Nevertheless, prices are likely to remain around current levels.”

Are bottom levels near?
The strengthening of the euro/dollar exchange rate has led European exporters to withdraw some of their offers, providing a limited opportunity for a market rebound. However, the overall outlook remains under supply pressure, with Turkish mills likely to test prices in the $320–325/mt CFR Türkiye range for European purchases.