Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/media/k2/items/src/aabd3bf31558291710ccad0991da930d.jpg)
CRU: Turkish Scrap Import Prices See Weekly Gains
Written by Yusu Mao
October 9, 2022
By CRU Research Analyst Yusu Mao, from CRU’s Steelmaking Raw Materials Monitor
Turkish scrap prices rebounded on a fresh deal last week, for the first time since the beginning of September. Our assessment for HMS 1/2 80:20 rose to $365 per ton CFR, up by $21 per ton week-on-week (WoW) but down by $31 per ton month-on-month (MoM).
The main reason for the price increase is still unclear, as reported by market contacts. There may be two possible reasons. Firstly, some restocking demand for scrap may have come through, as stock levels gradually run low despite production cutbacks. Nevertheless, buying interest for Turkish longs products in the export market remains weak while mills’ offers are perceived to be too high. Secondly, some regional sellers may have lifted scrap offers given constrained supply.
Asian scrap markets were quiet last week, with price offers staying unchanged at $405 per ton CFR Vietnam. Finished steel demand continued to be slow in the Far East market.
Outlook: Limited Upside for Turkish Scrap Prices
Scrap prices may pick up because of restocking demand. However, the potential upside is limited, unless there is a meaningful recovery in finished steel demand. Finished steel suppliers have raised their longs prices beyond current workable price levels due to high scrap and energy costs, which may discourage buying, thereby impacting demand for both finished longs and scrap.
This article was originally published on ct. 7 by CRU, SMU’s parent company.
Request more information about this topic.
Learn more about CRU’s services at www.crugroup.com
Yusu Mao
Read more from Yusu MaoLatest in Economy
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction.png)
US construction spending slips in July
Construction spending in the US in July was slightly lower than June. Despite the decline, it increased notably year on year (y/y).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/07/FedRes.png)
Beige Book: Economic growth hit by tighter consumer spending
Growth in the US economy continues to struggle in most districts. The Federal Reserve’s Beige Book report for August shows two-thirds of reporting districts flat or declining economic activity.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/economy.jpg)
Steel Summit 2024: Dr. Basu predicts near-term weakness in US economy
“The US economy, despite some near-term weakness I suggest in early 2025, is going to be strong," Dr. Anirban Basu said this week.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/2023_News_Img/7.Jul-23/Chicago-skyline-summer-2022v2.jpg)
Chicago Business Barometer ticked up in August, remains low
The Chicago Business Barometer edged up in August but remains in contraction territory, according to the latest release from Market News International (MNI) and the Institute for Supply Management (ISM).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/construction2.png)
ABI remains soft despite July gains
The July AIA ABI score has recovered nearly six points over the last two months following the near four-year low recorded in May