Issue 04, 2024 - This week's editorial: Turkish scrap prices find bottom after recent downturn

Scrap prices in Turkey have continued to soften on fresh deals concluded after the week ending 19 January.

Two deep-sea scrap bookings from 19 January were heard in the market. A Benelux supplier sold HMS 1&2 80:20 at $410/tonne cfr Turkey, while a Canadian merchant sold its third cargo of the week comprising 40,000 tonnes of HMS 1&2 95:5 and 10,000t of shredded at average $435/t cfr.

Although these deals confirm a further softening in scrap prices, most market participants see no room for further declines and think prices have already bottomed.

A Benelux supplier tells: “$410/t cfr equates almost to break-even at current dock prices. Not only me but also mills believe prices have bottomed.”

» Login to read the full report or sign up for a trial.