Turkey’s scrap import prices increased over the past week as mills booked cargoes at higher rates.
Scrap import offers for Turkish market are at about USD 390 per ton CFR, marking an increase of USD 5-10 per ton compared to the previous week.
There is speculation among some market participants that Turkish steel mills might temporarily halt scrap bookings in the upcoming week. Instead, they may shift their focus towards selling finished products, aiming to exert pressure on scrap prices.
In the Turkish domestic market, rebar sales witnessed an improvement this week. In the first half of the week, buyers were prompted to book material from local mills due to the expected devaluation of the currency. Although there was a pause in the market activity after a significant depreciation of the lira on Wednesday, local rebar sales picked up during the last two working days. Some market participants believe that these sales were driven by buyers expecting further price increases due to currency devaluation, prompting them to purchase at higher lira-denominated prices.
However, Turkish steel sales to foreign markets have remained sluggish due to competitive offers from other countries. Export offers for rebar and wire rod have not changed this week.
Turkish rebar export offers are currently within the range of USD 630-640 per ton FOB, while wire rod export offers stand at approximately USD 650-660 per ton FOB.
