The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $3.25/mt to $296.75/mt cfr on Friday as mills, anticipating lower prices, refused to buy the material during the week.
Turkish mills suspended ferrous scrap bookings late last week and were silent throughout this week. Turkish steelmakers believe that prices for HMS 1&2 (80:20) from the USA and the Baltic region should decrease to around $295/mt cfr to spur any demand.
Most scrap suppliers also stepped back and withdrew offers this week in the hope that Turkish mills will resume scrap purchases next week as they still require cargoes for October shipment. According to sellers, the workable level for US-origin HMS 1&2 (80:20) cannot go lower than $300/mt cfr. Some exporters also chose to sell to alternative outlets.
Steel product sales slow
Daily spot rebar prices in Turkey rose by TRY20-30/mt ($3-4/mt) to TRY4,040-4,080/mt ex-works, including 18pc VAT, on Friday amid currency fluctuations, while trading was sluggish.
The daily exported rebar prices remained unchanged at $455-460/mt fob with no significant deals reported.
Local billet prices in Turkey were $430-435/mt ex-works, the same as a week ago with only a few sales reported in the Iskenderun region.
($1 = TRY7.57)