Turkish imported scrap prices have crashed to two-year lows, while Turkish mills have reduced domestic buying prices on-week, except for one domestic scrap-dependent mill which has increased them, Kallanish notes.

A southern Turkish mill bought a UK-origin HMS 1&2 80:20 cargo at $340/tonne cfr Turkey on Wednesday after buying the same grade from the same origin at $347/t cfr a day earlier. Scrap prices in Turkey have thus reached their lowest level since November 2022.

A western mill bought HMS 1&2 80:20 from Germany at $344/t cfr. A Baltic supplier is heard to have sold two cargoes at around $345/t cfr, although the price and buyers were not yet confirmed at the time of publication.

Market sentiment weakened further following the sales on Wednesday, with numerous suppliers remaining in the market but mills' buying appetite poor.

The sharp price decline was also seen in the short-sea market with a sale from Romania at $325/t cfr Turkey. This is down from the latest sale at $335/t cfr a day earlier.

Turkish mills are cutting long steel prices amid struggles to sell steel abroad and in the domestic market. Mills' domestic rebar offers stood at $585-600/t ex-works on Wednesday, down from $595-615/t a week ago. Even Kardemir failed to sell a sufficient volume despite its price cut (see separate article).

Turkish shipbreaking scrap prices stood at $365/t delivered on Wednesday, down from $365-380/t last week.

The Turkish currency was pegged at TRY 34.47/dollar by Wednesday business close.

Turkish mills' new cutting (DKP) scrap buying prices
Producer 13 November (TRY/tonne) 20 November (TRY/t) Change (TRY/t)
Erdemir 12,875 12,875          0
İsdemir 12,500 12,150       -350
Kardemir 13,150 13,000       -150
Çolakoğlu 12,705 12,705          0
Kroman 12,350 12,350          0
Asil Çelik  12,475 12,710       +235
Diler 11,850 11,850          0
Mescier 11,800 11,800          0

Source: company information