Turkey: Imported scrap prices drop marginally in recent deals

Turkey, a prominent scrap buyer, resumed active bookings for Jul’21-end shipments. Prices continued to fluctuate in recent bookings for US-origin cargoes. Turkish buyers are likely to book more cargoes in the coming days for Jul-end shipments.

SteelMint's imported scrap price assessment for US-origin HMS 1&2 (80:20) stands at $497/tonne (t) CFR Turkey, down further by $2/t against last week.

Recent deals

• In a fresh deal, a West Marmara-based steel mill booked a bulk US cargo comprising HMS 1&2 (80:20) at $497/t CFR and shredded scrap at $512/t CFR. The cargo has been booked for Jul’21 shipments.
  
  
• Prior to this, another deal was concluded between the same parties. The cargo comprised 10,000 t of HMS 1&2 (80:20) at $501/t, 12,000 t of shredded at $521/t, and 8,000 t of P&S at $521/t CFR Turkey.
  
  
• In another deal, the same West Marmara-based buyer booked a Russian cargo, comprising 14,000 t of HMS 1&2 (95:5), at around $504.5/t CFR Turkey.
  
  
• In a deal heard on 29 Jun’21, a UK-origin bulk cargo was booked by a West Marmara-based steel mill. The cargo contained 45,000 t of HMS 1&2 (80:20). The heavy melting scrap was sold at $498-499/t CFR Turkey, sources informed SteelMint.
  
  

Turkey market update

• Easing of Covid restrictions: In the third stage of normalisation process underway, Turkey ended some Covid-19 restrictions, which will likely increase finished steel production. Slow finished steel demand in the domestic and overseas markets had held back scrap buyers.
  
  
• Turkish lira rebounds slightly: The Turkish lira rebounded against the dollar. After hitting 8.79 against the dollar earlier this week, the national currency is currently seen trading at 8.7.
  
  
• Rebar prices fall by $10/t on low demand: Turkish rebar export prices fell by $10/t w-o-w to $740/t in the last week of Jun’21. Low demand for finished steel led to a decrease in prices.