Steel Products
CRU: Turkish Scrap Prices Stabilize Due to Limited Buying Activity
Written by Rosy Finlayson
September 5, 2023
Turkish scrap import prices have remained relatively stable over the past two weeks due to slow trade activity. This was partly due to the holiday on August 30. CRU’s latest price assessment for HMS1/2 80:20 is $368 /metric ton CFR, up $1 /metric ton week-over-week (WoW) and up $21 /metric ton month-over-month (MoM).

The holiday on August 30 was partly the reason for slow trade last week. This has also meant that Turkish finished steel prices have been flat over the past few weeks. Turkish rebar is currently priced at $580 /metric ton, while HR coil is priced at $625 /metric ton.
Meanwhile, in the Asian scrap market, prices picked up slightly in South Asia and Taiwan, China but have remained unchanged in Southeast Asia due to weak demand. Containerized scrap to Taiwan, China is up by ~$5 /metric ton to $370-375 /metric ton CFR, while offers for H2 and deep-sea bulk HMS1/2 80:20 shipments to Vietnam are stable at $390 /metric ton CFR and $400 /metric ton, respectively.

Rosy Finlayson
Read more from Rosy FinlaysonLatest in Steel Products

OCTG producers in Canada take aim at Mexico, US, others
Evraz NA and Welded Tube of Canada have lodged an unfair trade complaint against imports of OCTG, including those from USMCA trading partners Mexico and the US.

Final Thoughts
The difference: The spat with Turkey was a big deal for steel. This time, the 50% reciprocal tariff for Brazil – if it goes into effect as threatened on Aug.1 – hits everything from coffee and to pig iron. It seems almost custom-built to inflict as much pain as possible on Brazil.

CRU: US rebar and wire rod prices rise alongside S232 increase
CRU Senior Steel Analyst Alexandra Anderson discusses current market and pricing dynamics for long steel products in the US.
CRU: Excessive global supply could hit rebar mill investments in US
Following the onset of the war in Ukraine in March 2022, concerns about import availability and expectations of rising demand from President Biden’s Infrastructure Bill pushed US rebar prices to record highs. In response, a flurry of new mills and capacity expansions were announced to meet the rise in demand from growth in the construction […]

Steel buyer spirits tempered by soft spot market conditions
Steel sheet buyers report feeling bogged down by the ongoing stresses of stagnant demand, news fatigue, tariff negotiations or implementation timelines, and persistent macroeconomic uncertainty.