The downward trend in Turkish scrap import prices continued this week, driven by increased availability of scrap cargoes and a cautious buying approach from Turkish steel mills, amid sluggish demand for finished steel. Prices were assessed at USD 325 per ton CFR, down from USD 345-350 per ton the previous week.
While prices appear to be nearing a bottom, there are signs of renewed buying interest. Overseas inquiries for Turkish rebar have increased, pointing to a potential pickup in export sales in the coming weeks.
In line with falling scrap prices, Turkish long steel export offers also edged lower. Rebar export prices dropped by USD 5 per ton and are now quoted in the range of USD 545-555 per ton FOB, while wire rod offers are at USD 565-575 per ton.