Turkish factories stepped up purchasing imported steel scrap on Friday. Before that date, however, they had been slow to enter into new deals amid dull sales of finished steel products.
Large Turkish metallurgical enterprises started actively buying imported steel scrap in the second half of August in order to replenish stocks of the raw material for September production.
Demand for imported steel scrap is muted in Turkey. Nevertheless, the corresponding prices have strengthened over the week. Local mills are very slow to accept the new price range due to dull home market of finished steel products.
Turkish importers of steel scrap refrain from active negotiations, pinning hopes that prices will keep going down further. Meanwhile, foreign scrap traders are sitting on the fence waiting for more favorable market environment. As a result, both parties are slow to enter into new deals.
Despite the fact that the Turkish market of finished steel products remains dull, manufacturers keep on carrying out active negotiation seeking price cutbacks in order to replenish the stocks with imported steel scrap.
Negotiations for the procurement of imported steel scrap have picked up somewhat in Turkey closer to weekends after exporters increasingly started providing discounts.
Most of Turkish mills are slow to start negotiations for the procurement of imported steel scrap amid the ongoing lull and uninspiring prospects on the market of finished steel products.
Not a single fresh deal for the supply of large-tonnage lots of imported steel scrap has been signed by Turkish metallurgical enterprises this week due to Eid al-Adha in the country.
Turkish steel mills avoid purchasing large-tonnage lots of imported steel scrap amid weakening lira and slow sales of steel products.