Scrap prices in Türkiye continued their uptick on Thursday on fresh deals, Kallanish notes.

Turkish mills’ demand for scrap remained strong as mills were convinced they would not be able to obtain target prices from suppliers. This came after the euro strengthened to $1.08 and the European domestic market picked up amid European mills’ scrap purchasing price increases as well as higher dock levels, at €305-310/tonne.

In the deal concluded from the UK on Wednesday, HMS 1&2 80:20 was sold at $360/t and bonus grade at $380/t cfr Turkey.

In the bookings concluded on Thursday, a northern Turkish mill bought from the EU at $362/t for HMS 1&2 80:20, with a premium of $23/t for shredded and bonus. A trader sold HMS 1&2 90:10 at $370.5/t and bonus grade at $393.5/t cfr from Estonia.

The last deal was heard from the US at $376/t for HMS 1&2 85:15 and $393.5/t cfr for shredded. As HMS 1&2 80:20 corresponds to around $373/t cfr, this points to a remarkable rise compared to the previous premium HMS 1&2 80:20 deal at $365/t cfr from Sweden earlier this week.

In the US domestic market, however, although participants were expecting a strong rise in March trading, of as high as $80/gross ton for certain grades in some regions, this seems unlikely to materialise. US mills are seen showing weaker demand than expected, while supply is stronger than expected as significant material has flowed inland from the coasts.

Expectations have shifted to prices being rolled over, compared to earlier $30/gt increase projections in the Southeast, while the Midwest market is expected to settle at $20-30/gt higher compared to initial expectations at above $50/gt.

On the other hand, Donald Trump’s tariff application is changing rapidly each day, confusing market participants amid increasing uncertainty. Meanwhile, Chinese market developments are also uncertain as production cut measures seem to be looming but lacking any confirmation (see separate story).

A Turkish mill tells Kallanish: “All markets in the world are currently sentiment-driven rather than fundamentals-driven. As sentiment drives the market rather than demand, business becomes risky. Mills might regret tomorrow the cargoes they bought in the preceding days.”

Kallanish expects to hear more scrap bookings from Turkish producers until the end of the week. The Kallanish daily assessment for HMS 1&2 80:20 cfr Türkiye increased by $8/t on-day to $373.5/t on Thursday.