Prices in the Turkish ferrous scrap market saw a small increase on Tuesday, as sources said offer levels were up on the back of a rising steel market.
Offer levels were up from European and US merchants, sources said, with EU offers estimated at around $180/mt and the US above that.
Supporting factors in the rise included a $10 increase for IODEX 62% iron ore imports to China over the last 10 days, increased semi-finished product prices heard from both China and the CIS, and bookings of bulk cargoes into India $10/mt above the last Turkish sales.
A $10/mt rise was also heard in Chinese billet, with CIS prices expected to follow on Russia's return to the market Wednesday.
"Some producers are pushing scrap up," said a Turkish trader, who estimated the market would soon reach $185/mt.
A Turkish buyer said that not much material was available, supporting an increase in prices from merchants, but added it was all just talk at the moment.
Sources said that several mills were in the market, but bids were not enough to interest sellers and buyers were dismayed at the speed of the increase, despite a market view that an increase in pricing would benefit all participants at this time.
Any increases in the short term would likely be small, and possibly short-lived, sources said.
According to a Turkish producer, the next two months could only see an increase of $5/mt or so, with potential for a further rise in the summer.
A European seller believed that demand for steel products from Turkey was too weak when weighed against recent protectionist measures globally, and this would show the upwards sentiment as empty.
Platts assessed HMS I/II 80:20 CFR Turkey at $177/mt on Tuesday, up 41/mt from Monday.
