Scrap import prices rise on restocking demand

Turkish scrap import prices increased this week as mills stepped up purchases to cover their requirements. MESTEEL assessed HMS 1&2 (80:20) at USD 400-410 per ton CFR Turkey, compared with USD 390-400 per ton a week earlier.

Turkish mills are now actively booking cargoes to replenish their inventories, according to market insiders. The stronger buying interest has allowed suppliers to raise offers, particularly for US-origin material, while European and Baltic suppliers have also maintained firm price expectations.

Higher domestic rebar prices have also improved mill margins, giving producers greater scope to absorb rising scrap costs. However, some market insiders said the market will depend on the performance of the finished steel segment over the next couple of weeks, as the traditional winter slowdown could limit further gains.

Additionally, cheaper imported billets, particularly from China, could also limit further price increases, market insiders said.

MESTEEL assessed Turkish rebar export prices at USD 605-615 per ton FOB, up from USD 595-605 per ton FOB a week earlier. Wire rod export offers were heard at USD 620-630 per ton FOB, compared with USD 615-625 per ton previously.