Turkish imported scrap prices remained largely stable this week, although trading activity continued to be subdued as steel mills limited purchases amid weak finished steel demand. HMS 1&2 (80:20) import prices were assessed at around USD 400 per ton CFR, broadly unchanged week-on-week.
Market insiders reported little activity in the deep-sea scrap market, with no fresh transactions concluded during the week. Negotiations remained slow as mills focused on finished steel sales and continued to resist higher scrap prices, while suppliers were reluctant to offer further discounts.
Weak domestic and export demand for finished steel products continued to pressure steelmakers’ margins, resulting in cautious raw material purchasing. The scrap-to-rebar spread also remained tight, prompting mills to prioritize finished steel sales over rebuilding raw material inventories.
The softer physical market was also reflected in futures trading. LME scrap futures for near-term delivery were largely trading in the USD 398-402 per ton range, indicating limited expectations for a near-term recovery in scrap prices.
Turkish long steel export prices remained under pressure during the week. Rebar export offers were heard at around USD 590-600 per ton FOB, while wire rod export offers were reported at USD 610-620 per ton FOB. However, market sources indicated that Turkish mills remain willing to offer additional discounts to secure export bookings amid weak demand.