Turkiye: Imported ferrous scrap prices drop by $5/t w-o-w; Eid keeps steelmakers away from market

In the Turkish imported ferrous scrap market, activities remained paused due to religious holidays. However, earlier in the week, a couple of deals were disclosed and booked by a Mediterranean region-based mill involving HMS (90:10) at $387/t CFR from a US scrap collector. Additionally, the same mill booked a UK scrap exporter comprising HMS (80:20) at $380/t CFR, which remained unclear from the suppliers' side.

As per European recyclers, collection costs at Euro 315/t delivered to docks were slightly down from Euro 320/t last week.

Turkish steelmakers mostly kept quiet with slow activities throughout this period due to Ramadan-related festivities, with trade recovery expected next week.

• BigMint's assessment for US-origin HMS (80:20) bulk scrap stood at $384/t CFR, a slight drop of $5/t w-o-w.
  
  
• BigMint's assessment for bulk HMS (80:20) from the US East Coast stood at $365/t FOB, remained range-bound w-o-w.
  
  
• BigMint's weekly rebar assessment stood at $595/t FOB Iskenderun. The scrap-to-rebar spread has increased to $210-211/t as of now.
  
  

Export restriction to Israel: The onset of religious holidays was overshadowed by the announcement of export restrictions to Israel in response to the conflict in Gaza. Turkiye's Ministry of Commerce swiftly implemented these restrictions until a ceasefire was declared and humanitarian aid was permitted into Gaza. This decision has far-reaching effects on Turkish steel exports, given Israel's status as a key market.

Outlook: Market insiders anticipate increased activity in the post-holiday week as steelmakers are expected to resume bookings for May shipments.