Turkish scrap prices have maintained their firmness following recent purchases by a Turkish mill from US and Puerto Rican suppliers. On Wednesday, the mill secured a cargo of HMS 1&2 80:20 at $390 per tonne and shredded and bonus grade scrap at $410 per tonne cfr from the United States. In a separate transaction, the same mill acquired another shipment from Puerto Rico, paying $386 per tonne for HMS 1&2 80:20 and $406 per tonne cfr for bonus grade material.
These deals have helped to stabilize the Turkish scrap market, despite limited interest from other Turkish producers in making new purchases. The current market situation is characterized by subdued steel sales and uncertainty in the Chinese market, which continues to influence global steel and raw material prices.
The recent transactions suggest that suppliers are maintaining their price levels, with only slight variations between different origins. The difference in pricing between US and Puerto Rican material likely reflects variations in quality, freight costs, or other market factors.
While these deals provide some support to the market, the overall sentiment remains cautious. The limited participation from other Turkish mills indicates that many are adopting a wait-and-see approach, possibly due to concerns about steel demand or anticipation of potential price movements in the near future.
As the Turkish steel industry continues to navigate challenging market conditions, including fluctuating demand and global economic uncertainties, the scrap market will likely remain sensitive to any shifts in steel production rates or changes in international trade dynamics.
