Turkish appetite dented by new tariffs

摘要

Turkish imported scrap pricing ended the first half of September on an upward trend, with HMS 1/2 (80:20) prices reaching $319.50/mt CFR, compared with an average of $311.95/mt in August. Prices plunged in mid-August due to US President Donald Trump announcing doubled tariffs for imported Turkish steel products. The second week of September saw a series of trades done at higher levels. Industry sources reported that the additional activity was due to an approaching large scrap and rebar industry event in Turkey, called IREPAS, which was expected to tie up market participants. The East Asia bulk heavy melting scrap market remained rangebound in the first half of September, while Japanese export prices continued their stable run despite weaker domestic prices. Containerized HMS prices to Taiwan have continued their uptick, though buyers did not see reason for the increase.