According to the latest reports, after a flurry of deep-sea scrap cargo bookings by Turkish mills throughout last week, their demand cooled down on Friday, although two mills were still in negotiations.
The latest confirmed bookings for HMS 1&2 80:20 scrap were at $380.5/tonne CFR Turkey from the EU and $385.5/t CFR from the Baltic region, as previously reported by Kallanish.
On Friday, another Baltic-origin booking from Denmark was heard to have been concluded by a mill in the Marmara region at $385.5/t CFR.This suggests that Turkish scrap prices have stabilized after the recent volatility, as mills appear to have slowed down their purchasing activity. The calming of demand has likely contributed to this stabilization in prices.
While two mills were still negotiating scrap deals on Friday, the overall trend points to a more balanced market, with supply and demand aligning more closely. This could provide some relief to Turkish steelmakers who have been grappling with high raw material costs in recent months.
The stabilization in Turkish scrap prices, if sustained, could have a positive impact on the profitability and competitiveness of the country's steel industry in the near term.