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) increased by $1.82/mt to $339.50/mt cfr on Tuesday on bullish supplier sentiment.


Ferrous scrap bookings were paused in Turkey after exporters from the USA and the Baltic region raised offers to $345-350/mt cfr for HMS 1&2 (80:20). Thus, Turkish mills stepped back to carefully check all options available to them before continuing their purchases.


Market participants believe that $340/mt cfr for premium quality HMS 1&2 (80:20) is acceptable for mills, considering rebar prices are at $505-510/mt exw (fob). However, they doubt they will find many scrap cargoes at that level because offers are still scarce. US suppliers, particularly, are not expected to sell HMS 1&2 (80:20) at $340/mt cfr as they remain firm on prices close to $350/mt cfr.


The daily spot rebar prices in Turkey increased by TRY80-130/mt ($10-16/mt) to TRY4,730-4,780/mt ex-works, including 18pc VAT, on Tuesday. Icdas decided to raise its local rebar prices by TRY160/mt ($20/mt) to TRY4,800/mt ex-works, including 18pc VAT.


The daily exported rebar prices in Turkey moved to $505/mt fob on Tuesday versus $500-505/mt fob on Monday.


($1 = TRY8.03)

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