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) declined by $3.56/mt to $245/mt cfr on Thursday amid adverse market conditions.


Imported ferrous scrap demand in Turkey remains weak. Several suppliers are still looking for buyers, but there have been no firm bids. A Baltic exporter offered HMS 1&2 (80:20) for $245/mt cfr, however, no sale has been reported so far. Turkish mills have set $230/mt cfr as their next target.


Unconfirmed talk of the lowest offer on a tender for an Egypt cargo being $230/mt cfr this week for HMS 1/2 (80:20) appears to be contributing to market sentiment.


Turkish steelmakers have shown no interest in deep-sea or short-sea cargoes. Some sellers from the Azov-Black Sea basin have claimed they cannot find buyers at $230/mt cfr for HMS 1&2 (80:20).


Domestic scrap prices in Turkey also fell this week. Shipbreaking scrap purchase prices in the Izmir region declined sharply by $13/mt to $235/mt delivered on Thursday, and have fallen by $36/mt this week.


Turkey’s rebar market is also under pressure. Local prices dropped by TRY10-20/mt ($1.50-3/mt) to TRY3,080-3,170/mt ex-works, including 18pc VAT, on Thursday. Prices for export rebar moved to $425/mt fob from $425-430/mt fob earlier in the week with no sales.


($1 = TRY6.55)

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