Turkey’s imported scrap market remained firm but largely sideways this week, with prices assessed unchanged at USD 370-375 per ton CFR, as tight supply conditions offset cautious buying by Turkish steel mills.
Scrap suppliers continued to hold prices, supported by tight winter availability, higher costs and improving demand in their domestic markets. On the buying side, Turkish mills booked limited cargoes mainly to replenish inventories, while finished steel demand remained weak both domestically and in export markets.
The Turkish central bank cut its policy rate by 100 basis points to 37pct, a smaller-than-expected move, citing ongoing risks from inflation expectations. Market participants said the impact on the steel sector is likely to be limited in the near term, as financing costs remain high and currency depreciation continues to raise the cost of imported raw materials.
Despite firm scrap prices, Turkish steel mills have struggled to pass on higher costs. Rebar export offers were heard at USD 560-565 per ton FOB, while wire rod was offered at USD 570-575 per ton FOB, constrained by weak demand and competitive pricing from other suppliers.
