Turkey Electric Furnaces Restart Ferrous Scrap Import

Turkish electric furnace steel makers ordered total 13 cargoes of ferrous scrap or more than 500,000 tonnes from Europe and US East Coast. With the better demand trend, international scrap market price could hit bottom while the market is slump since March.

Turkish steel makers reduce scrap import order preparing for lower consumption during Ramadan, which starts on July 20. The lower import impacts on the international scrap market.

Turkish buyers ordered US scrap at around CFR US$ 385 per tonne for No.1 heavy melting scrap, which is around US$ 10 higher than recent transaction price. The buyers apparently get the scrap after Ramadan, which ends on August 18.