Turkey witnessed a decline in scrap import prices due to sluggish demand for finished steel, leading to subdued buying activity in the scrap trade. Scrap import prices in Turkey were assessed at USD 380 per ton CFR, down from USD 385 per ton CFR last week. The dip in prices comes as Turkish steel mills exercise caution, adopting a wait-and-see approach while finished steel sales remain weak. Weak demand in the domestic market has resulted in modest sales of finished steel, while Turkish steel suppliers continue to face challenges in overseas steel markets due to ongoing geopolitical tensions and competitive offers from other countries. Turkish finished steel export offers have decreased by USD 5 per ton compared to the previous week. Rebar export offers are currently in the range of USD 590-600 per ton FOB, while wire rod export offers stand at approximately USD 605-615 per ton FOB.
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Steel NewsMay 14, 20241 min read