Posted on 02 Jan 2023
Most Turkish mills increased their domestic scrap buying prices last week amid firm imported scrap prices and strong domestic rebar demand, Kallanish notes.
With no import offers available in the market amid holidays in the last week of the year, a Turkish mill was forced to pay an elevated price for a cargo, lifting prices closer towards $400/tonne cfr Turkey (see separate story).
Besides tight supply, scrap prices are likely to find support from increasing domestic rebar prices and strong domestic rebar demand. While domestic rebar prices continued to rise last week, demand, which has accelerated since 24 December, continued to be strong.
Although export demand is yet to reach satisfactory levels, mills are seen enjoying domestic demand with offer prices at $675-695/t ex-works on Thursday. This is up from $645-655/t levels a week earlier. Some mills, which are targeting even higher prices, are seen keeping their sales closed.
Turkish shipbreaking scrap prices remained mostly at $370-377/t delivered, up by $2/t from the high end of the previous week.
Source:Kallanish
