Steel Mills
December 6, 2022
CRU: Turkish Scrap Import Prices Increase
Written by Yusu Mao
By CRU Research Analyst Yusu Mao, from CRU’s Steelmaking Raw Materials Monitor
Turkish scrap prices started to increase significantly last week. Accordingly, our assessment for HMS 1/2 80:20 rose to $374 per ton CFR based on two new deals, up $35 per ton week-on-week (WoW) and up $26 per ton month-on-month (MoM).
Scrap sellers have been raising prices amid tighter supply into winter months, and buyers were more active in the market last week in anticipation of further price increases. Although Turkish finished steel sales remain subdued, rising scrap prices have mills and stockholders seeking higher prices for fresh bookings. This has led to a rebound in longs export prices.
Outlook: Turkish Scrap Prices Unlikely to Retreat in the Near Term
Turkish scrap import prices are likely to stay rangebound around the current level or even increase further in the near term. Lower collection and slower market activity through the winter holiday period from major exporting regions are likely to support that dynamic. Scrap prices will then face more downward pressure from limited steel demand after seasonal impacts fade.
This article was originally published on Dec. 5 by CRU, SMU’s parent company.
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