Turkish scrap buyers are largely absent from market after the transactions that were concluded two weeks ago. Turkish traders tell Steel Business Briefing that, because of output cuts and steel stockpiles, the market is not expected to recover soon. Producers are buying small amounts of scrap according to their production rates.
A producer says that “the price of scrap must be around $200/t because market condition cannot handle higher than that. If Turkish buyers were not waiting for lower prices of around $170-180/t then prices would be stable. Now producers cannot put the price change of scrap on to rebar.”
SBB learns from the market that A3 grade scrap is being offered at about $240/t from CIS region although no transactions have been confirmed. Prices for domestic scrap are about TRY 375/t ($237/t).