Deepsea Turkish import scrap prices continued to rebound the week of Oct. 23, as Turkish mills returned to the market to book several Baltic-origin cargos for late November and early December shipment.

S&P Global Platts assessed Turkish imports of premium heavy melting scrap 1/2 (80:20) at $291.25/mt CFR on Oct. 23, up $5.75/mt on week.

Bullish market sources expect $295/mt CFR to be achievable in the near-term, pointing to recent large volume export rebar sales to Southeast Asia and South America as to why mill scrap demand will remain firm.

In addition, sources currently expect November domestic scrap settlements to remain at least sideways in the US and EU.

However, Turkish lira volatility may affect domestic steel demand, as rebar traders voiced skepticism over whether large volume rebar sales can be achieved at higher FOB rebar prices, which could limit the upside for deepsea import scrap prices.