CRU: Turkish Scrap Prices Fall Amid Weakening Lira

Turkish scrap import prices continued to fall last week.

Subsequently CRU’s assessed Turkish scrap price for HMS1/2 80:20 is $415 per metric ton FOB Turkish port, down $11 per metric ton week-on-week and $28 per metric ton month-on-month. This is based on several deals concluded before and sooner after the Eid holidays.

Turkish scrap deals have slowed again after the initial uptick in activity around Eid. This is partly as the lira fell once again last week, causing buyer bids to turn lower and deals to be concluded at reduced prices.

Asian scrap prices have also dropped last week by ~$30 per metric ton WoW. Japanese H2 prices decreased to $380 per metric ton CFR VN, and a deal of Hong Kong HMS1/2 50:50 was concluded at $360 per metric ton CFR VN. This is because steel mills are unwilling to accept high scrap prices while steel prices are low due to weak end-user demand.

By Rosy Finlayson, CRU Research Analyst

This article was originally published on May 2 by CRU, SMU’s parent company.

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