The Turkish import scrap market is likely to swap the volatility seen in the first two months of 2018 for a more stable market environment during the remainder of the first half of the year, according to the Bureau of International Recycling (BIR).
The prediction was among the market comments and observations in the BIR's latest quarterly report, published on Thursday February 22.Turkish import scrap prices started the year strongly before dropping in the middle of January and then bottoming out at $334.93 per tonne cfr for Northern European material on February 6.Since then, an uptick in Turkey's rebar demand has helped import scrap prices to rise by almost $15 per tonne. Metal Bulletin's daily index for HMS 1&2 (80:20) scrap imported into Turkey was $352.38 per tonne cfr on Monday February 26, up by $1.61 per tonne day-on-day.But market conditions from now until the start of July are likely to be less turbulent, Tom Bird, interim president of the BIR's ferrous division and chief operating officer at China's Chiho Environmental Group, said on February 22."Turkey is expected to return to relatively stable market conditions, with steady underlying strength for the first half...