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) rose by $2.60/mt to $245.50/mt cfr on Wednesday as sellers rejected lower prices.


Negotiations revived in Turkey’s ferrous scrap market after the national holiday as mills looked for cargoes for June shipments. Bids for HMS 1&2 (80:20) were reported at $240-242/mt cfr from the USA and the Baltic region, and at $235/mt cfr from Europe.


Several European suppliers in the market are targeting selling HMS 1&2 (80:20) above $240/mt cfr and refusing bids below this level. Offers from the USA and the Baltic region are scarce and no lower than $250/mt cfr.


Opinions on the cargoes needed for June shipment vary among market participants, with some reporting a need of less than 10 cargoes because of slow steel products sales, while others believe mills need 15 or more cargoes to complete their bookings in June.


Local rebar prices drop, export prices flat

Daily domestic rebar spot prices decreased by TRY30-70/mt ($4-10/mt) across Turkey and settled at TRY3,180-3,210/mt ex-works, including 18pc VAT, on Wednesday. Icdas cut its local rebar prices by TRY50/mt ($7/mt) to TRY3,250/mt ex-works, including 18pc VAT.


Exported rebar and billet prices in Turkey remained unchanged at $395-400/mt fob and at $370-375/mt fob, respectively.


($1 = TRY6.78)

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