Turkish buyers hold off purchases amid demand uncertainty

Turkish scrap import prices decreased as buying activity slowed last week. This is largely because many Turkish scrap buyers were not willing to purchase material at sellers’ price levels amid concerns over future demand.

In the Turkish finished steel market, HR coil is unchanged w/w at $700/t FOB but rebar has reduced by $5/t w/w to $620/t FOB. Finished steel import and export demand is weak, and prices have mainly been supported by higher costs. For instance, labor costs have risen as minimum monthly wages increased by 49% in 2024 compared to mid-2023.