Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained flat at $288.13/mt cfr on Tuesday, with no changes to report in the market.


The most recent deal in Turkey occurred around a week ago. It closed at $295/mt cfr for 35,000mt of HMS 1&2 (80:20) from the US, as Davis Index earlier reported.


Turkish mills are trying to bring down scrap prices as much as possible, therefore, they were relatively silent Tuesday with no bids reported. Market participants believe Turkish mills are trying to bring HMS 1&2 (80:20) from the US and Baltic region down to $280/mt cfr or lower.


Scrap suppliers are waiting for demand to reappear and indicate that HMS 1&2 (80:20) sales from the US and the Baltic region could come at $285-290/mt cfr Turkey. One market participant said that $285/mt cfr level is achievable even for European HMS 1&2 (80:20).


Mills nevertheless require cargoes for February shipment, and with time running out, Turkish market participants anticipate new scrap bookings in the coming days. 


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