The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $275/mt cfr on Friday due to a lack of trade.
Demand for imported ferrous scrap improved had significantly in the Turkish market by Friday. Some mills were looking for availability of HMS 1&2 (80:20) at $270/mt cfr from the US and Baltic region. Bids for A3 scrap from Russia (Rostov-on-Don) were heard at that level and below for HMS 1&2 (80:20) from Romania and Bulgaria.
No deals were reported in Turkey because most scrap suppliers were expecting prices to be $5-10/mt higher. Their expectations are firm because mills require April cargoes and they’re confident trading will resume next week.
Both US and European scrap collectors are still preoccupied with their domestic markets. In the US, prices increased by $10/gt for prime grades only, while in European countries prices rose by €10-15/mt ($11-17/mt) earlier in the week, and by €20/mt ($23/mt) later in the week.
There have been no positive movements in Turkey’s rebar market. On Friday, local rebar prices decreased by TRY30/mt ($5/mt) in Istanbul, by TRY40/mt ($7/mt) in Izmir and Karabuk, and by TRY60/mt ($10/mt) in Iskenderun to TRY3,010-3,090/mt ex-works. Export rebar prices remain around $435/mt fob with no major sales.
($1 = TRY6.10)
(€1 = $1.13)