Turkish imported scrap prices moved lower this week as sluggish finished steel demand, falling rebar prices and limited booking activity continued to pressure the market. HMS 1&2 (80:20) import prices were assessed at around USD 390-395 per ton CFR, down from USD 400 per ton CFR in the previous week.
Trading activity in the deep-sea scrap market remained subdued, with Turkish mills largely focusing on finished steel sales rather than rebuilding raw material inventories.
The recent decline in oil prices may ease freight costs in the coming weeks. However, market insiders believe the impact on scrap prices is likely to be limited, as the primary concern remains weak demand for finished steel products in both domestic and export markets.
Market insiders also highlighted that bearish sentiment in the Chinese steel market could further weigh on scrap demand. Turkish mills are closely monitoring billet prices, as lower-priced imported billet may become a more attractive alternative to scrap-based production if the downward trend continues.
Weak domestic and export demand for finished steel products continued to pressure steelmakers’ margins, with rebar export offers heard at around USD 585-595 per ton FOB, down by USD 5 per ton week on week, while wire rod export offers were reported at USD 600-610 per ton FOB, down by USD 10 per ton from the previous week. Market sources indicated that mills remain willing to offer additional discounts to secure export bookings.