The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) fell by $14.17/mt to $457.50/mt cfr on Monday on lower bids and offers.
Demand for imported ferrous scrap remains sluggish in Turkey, and bids decreased to $450-455/mt cfr for US- or Baltic-origin HMS 1&2 (80:20). According to some market participants, a few US suppliers may consider such sales to cool down their domestic market and reduce their collection prices. A Marmara-based mill was heard to have reached an agreement with an American recycler at $450/mt cfr for 6,500mt of HMS 1&2 (80:20), at $460/mt cfr for 22,000mt of shredded scrap and $460/mt cfr for 1,500mt of bonus material for late February-early March shipment.
Some short-sea cargo exporters accepted a price decrease on Friday. Thus, limited tonnages of HMS 1&2 (80:20) from Romania and the Adriatic Sea basin changed hands at $435-437/mt cfr Turkey.
The daily domestic spot rebar prices in Turkey decreased by TRY20-30/mt ($3-4/mt) to TRY5,570-5,620/mt ex-works, including 18pc VAT, on Monday, while the daily exported rebar prices dropped to $640-650/mt fob from $650/mt fob on Friday. Rebar buyers began insisting on discounts, referring to lower scrap prices.