The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.28/mt to $251.47/mt cfr on Friday.
The imported ferrous scrap market in Turkey was quiet at the end of the week with only a sale from the UK to a Marmara-based mill heard at $254.5/mt cfr for HMS 1&2 (80:20), at $259.50/mt cfr for shredded scrap, and at $264.50/mt cfr for bonus material. However, neither the date of booking, nor cargo volumes, or shipment terms were available.
Demand for scrap is poor in Turkey as most mills have suspended negotiations with suppliers amid sluggish steel product sales. Some mills have started targeting $245/mt cfr for HMS 1&2 (80:20) from the USA or the Baltic region versus $250/mt cfr earlier. Offers were mainly heard at around $255/mt cfr late in the week.
Negative sentiment rules in steel product market
Daily domestic rebar spot prices in Turkey declined by TRY20/mt ($3/mt) from the upper end of the previous range to TRY3,340-3,380/mt ex-works, including 18pc VAT, on Friday amid minimal trading activity. Exported daily rebar prices remained unchanged at $415/mt fob with no deals reported.
Billet prices in Turkey, both local and exported, decreased by $5-10/mt over a week, to $390-395/mt ex-works (fob).
($1 = TRY6.86)