Turkish imported scrap prices remained under pressure this week as weak finished steel demand, sluggish export sales and cautious mill buying continued to weigh on the market. MESTEEL assessed HMS 1&2 (80:20) import prices at USD 370 per ton CFR, down from USD 375 per ton CFR a week earlier.
Trading activity in the deep-sea scrap market remained limited, with Turkish steel mills continuing to procure scrap cautiously amid the lack of any meaningful improvement in finished steel demand. Although Kardemir secured decent volumes of rebar and billet orders in its latest sales round, supported by competitive prices and favorable payment terms, overall market sentiment remained weak.
On the supply side, high freight rates continued to limit further declines in scrap offers. In addition, relatively high scrap collection costs and expectations that European steelmakers may increase raw material purchases following the implementation of the EU’s revised steel quota regime discouraged suppliers from offering deeper discounts. Some market insiders also noted that Turkish mills will eventually need to replenish inventories, providing support to scrap prices.
Reflecting the weak market fundamentals, MESTEEL assessed Turkish export rebar prices at USD 575-580 per ton FOB, while wire rod export prices were assessed at USD 590-595 per ton FOB, both easing further week-on-week amid slow export sales.