Turkish steel producers made no new scrap bookings on Friday August 27, ending the working week with a single cargo deal amid limited finished steel sales, market participants said.
Demand for cargoes of steel billet has been low in key Southeast Asian markets over the past week with prices rangebound, sources told Fastmarkets on Friday August 13.
Turkish crude steel production has been impressive over the past year. According to the latest data from the World Steel Association, the production of crude steel by Turkish steel mills in the first half of the year amounted to 19.7 million tons, which was 20.2% more than in 2020, according to Argus. Turkey has shown that its market penetration strategy in the steel industry has worked.
Turkey's domestic hot-rolled coil prices were largely stable in the week to Friday August 6 despite limited trading activity, sources told Fastmarkets.
Turkish rebar and wire rod export prices fell in the week to Thursday August 5 amid weakening imported scrap values and limited demand in the major outlets, sources told Fastmarkets.
Demand in Turkey’s flat steel market remained moderate during the week to Friday July 30 amid holiday season, with prices for hot-rolled coil and cold-rolled coil mixed, market sources said.
Domestic steel rebar and wire rod prices in Turkey have softened over the past week amid falling imported scrap costs and low demand during holiday periods, market participants said on Thursday July 29.
The Turkish long steel export market remained sluggish over the past week due to limited demand from the country’s major export outlets, market sources said on Thursday July 8.
Turkish deep-sea scrap import prices fell at the end of the week after a fresh cargo from the Baltic Sea came to light, market participants told Fastmarkets on Friday July 2.
Turkish steel mills ended the working week with a single deep-sea cargo amid limited rebar demand, especially in the export markets, sources told Fastmarkets on Friday June 25.