Scrap import prices remained steady this week, assessed at USD 345-350 per ton CFR, as holiday-related slowdowns dampened buying activity. The Christmas and New Year holidays kept scrap trading quiet, with limited transactions reported.
Turkish steel mills also adopted a cautious approach, avoiding additional purchases due to weak domestic steel sales.
In Turkey, domestic finished steel demand was sluggish, mirroring the subdued market environment. The Turkish central bank reduced its key interest rate by 250 basis points to 47.5pct, marking its first rate cut in nearly two years in an effort to address soaring inflation. Despite this, market activity remained constrained as the year-end approached. Export sales were also negligible, with overseas demand curtailed by holiday-related disruptions.
Export prices for long steel products also showed stability, with rebar offers at USD 570-580 per ton FOB and wire rod offers at USD 585-595 per ton FOB. The market is expected to remain quiet until post-holiday activity picks up.
