The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $1.42/mt to $430.83/mt cfr on Tuesday as buyers continue to seek lower prices.
Negotiations remain slow in the Turkish ferrous scrap market amid poor demand. Most steelmakers have shown no interest in booking scrap as they hope for further price decreases. Some bids were reported at $420-425/mt cfr levels for HMS 1&2 (80:20) with offers $10-15/mt higher.
In Asian bulk markets, a US West Coast sale concluded over the weekend to Vietnam at a $460/mt cfr price level for heavy melt, and bids have dropped to $445/mt cfr since the booking.
In Turkey’s domestic market, mills lowered daily purchase prices for shipbreaking scrap by $5/mt to $415/mt delivered on Tuesday.
Daily domestic spot rebar prices in Turkey dropped by TRY50-100/mt ($7-13/mt) to TRY5,400-5,500/mt ex-works, including 18pc VAT on Tuesday on weak sales activity. Icdas reduced its local rebar prices by TRY30/mt to TRY5,700/mt ex-works Biga and TRY5,780/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY7.50)