This week, Turkish imported deep-sea HMS 80:20 scrap prices were stable at approximately $351/t CFR, unaltered from week-ago values, with very limited activity and only one or two cargoes booked as mills adopted a wait-and-see approach with depressed rebar demand and high freight rates. Most Turkish steelmakers had already bought scrap for delivery through the end of November, as the timing of the national holidays further reduced activity. Weaker steel consumption, particularly in the domestic and export rebar market, limited mills' interest in new scrap purchases. Additionally, recent upswings in freight rates, which have spiked from roughly $25/t to $35/t over the past month, were a negative factor on import margins that kept buyers cautious.

Outlook:

The Turkish scrap market is expected to be trading within the same range over the near term, and likely remain between $345 - 355/t CFR levels as mills pull back to watch demand dynamics as we move past the holidays. Historically weak steel demand in the domestic and export market, buyer behaviour, and higher freight rates will be dominating factors. Unless finished steel sales improve or freight rates come down, it is expected that scrap prices will hold steady to softer through early November.