The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.43/mt to $248/mt cfr on Tuesday.
Buying activity is low in the Turkish ferrous scrap market though some mills are looking for cargoes for May and June shipment.
Serious challenges with steel product sales are spurring mills to bid in the range of $240-245/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region—close to the most recent transaction, which was fixed at $242/mt cfr for HMS 1&2 (80:20) from the Baltic region (Russia) late last week. Most scrap exporters have stepped back to gauge if there will be any other sale to Turkey at these prices.
Some sellers believe that $242/mt cfr is too low in current market conditions with tight scrap supply. It should be noted that on April 24 an exporter from Romania sold HMS 1&2 (80:20) at $244.50/mt cfr to Turkey, higher than Baltic supplier from Russia. As a result, scrap offers to Turkey remain limited and exporters from the USA and the Baltic region target prices at above $250/mt cfr for HMS 1&2 (80:20).
Turkish rebar prices decrease
Domestic spot rebar prices declined by TRY10/mt ($1/mt) in Iskenderun and by TRY30/mt ($4/mt) in Istanbul, Izmir, Karabuk and settled at TRY3,260-3,290/mt ex-works, including 18pc VAT amid weak sales on Tuesday. Export rebar prices in Turkey dropped by $5/mt to $410/mt fob.
Kardemir, whose billet sales opened on April 21 at TRY3,026.70/mt ex-works, including 18pc VAT for S235JR grade, and at TRY3,062.10/mt ex-works, including 18pc VAT for III-3 grade, closed them on Tuesday. Sales totaled 52,000mt.
($1 = TRY7.00)