Turkey’s scrap import prices fell this week, pressured by sluggish steel demand following the Eid holidays. Current scrap import offers are in the range of USD 335-340 per ton CFR, marking a decrease of USD 5-10 per ton compared to last week.
Scrap buying activity remained slow as the market continued to feel the effects of the holiday break. Suppliers, however, resisted lower bids from Turkish steel mills, citing higher collection costs and the appreciation of the EUR against USD.
Meanwhile, Turkish steel mills are grappling with weak demand in both domestic and export markets. Coupled with rising production costs, mills are reluctant to accept current scrap price levels.
Despite the current impasse, market participants expect a resolution soon. Many believe mills will need to secure June-shipment cargoes to replenish depleted stocks. However, Turkish mills may explore cheaper alternatives, such as billet imports from Asian suppliers.
On the finished steel front, prices also softened. Rebar export offers declined by USD 5 per ton, now quoted at USD 545-555 per ton FOB. Wire rod offers fell in a similar range, standing at USD 565-575 per ton FOB.