Steel scrap import prices drop in Turkey

Turkish scrap metal import prices fell sharply over the week, but rebar export prices remained unchanged. UK and Baltic supply deals retreated nearly $ 15 /t CFR from the previous week. At the same time, export prices for rebar remained at the same level after a sharp plunge in scrap prices.

Orders for HMS 1 & 2 80:20 this week with UK and Baltic suppliers were at $ 205 /t, down $ 15 /t from a week earlier. During the previous week, reservations for US scrap metal orders were made at $ 220 per tonne CFR Turkey.

Meanwhile, negotiations on the export of valves with buyers from the United Arab Emirates failed to come to a conclusion. For the third week in a row, there have been no rebar deals with UAE buyers. It is reported that the number of transactions with other customers has also decreased. UAE partners expect a sharp drop in rebar purchases from October. Total purchases are likely to fall to 75,000 tonnes in October, significantly lower compared to projected September shipments of 95,000 tonnes. Rebar booking prices from Turkish manufacturers are expected to remain in the $ 370- $ 375 /t CFR Dubai price range.

Meanwhile, downward pressure on prices for semi-finished products imported to Turkey continues. The last offered price of billets from Chinese factories was 290 USD ton CFR Turkey. However, buyers were negotiating even lower prices for supplies from CIS countries, booked at $ 289 per tonne CFR Turkey.

The export price of Turkish rebar orders has been announced at $ 370-380 per tonne FOB Turkey. However, no orders have been registered in the last week. Even when offers came in at $ 365 per tonne FOB from some traders, there was still no success.