The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $230.86/mt cfr on Tuesday amid a quiet market.
Business activity in the Turkish market remains slow and demand is sluggish as some mills consider cutting production because of difficulties with steel product sales.
In this situation, many scrap suppliers have decided to step back from the Turkish market, preferring instead, to wait as collection worsened significantly. Furthermore, suppliers believe it wouldn’t be prudent to make offers in an environment where Turkish buyers insist on further price decrease. In fact, firm bids are scarce and don’t exceed $230/mt cfr for HMS 1&2 (80:20) from the US or Baltic region.
The most recent transaction in Turkey was fixed at $226/mt cfr for HMS 1&2 (80:20) from the UK on March 19, as Davis Index reported earlier.
Local rebar prices in Turkey continue to move downward amid a weak economy and a slowdown in the construction business. On Tuesday, rebar prices dropped by TRY20-50/mt ($3-8/mt) to TRY2,970-3,080/mt ex-works, including 18pc VAT.
Icdas revised its local rebar prices again and cut them by TRY40/mt ($6/mt) to TRY3,160/mt ex-works, including 18pc VAT in Biga.
($1 = TRY6.44)