The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1/mt to $256.50/mt cfr on Wednesday amid expectations of lower prices from buyers.
Business activity remains slow in Turkey’s ferrous scrap market as steel mills require material for August shipment, market participants and are ready to wait without purchases for at least 7-10 days. Turkish buyers plan to resume bookings at around $250/mt cfr for HMS 1&2 (80:20) from the USA or the Baltic region.
Most scrap suppliers are not in a rush to sell and decided to step back until importers show some interest in negotiations. Although dockside prices declined by $3-8/gt on the US East Coast and fell by €5-6/mt ($6-7/mt) in the Netherlands and Belgium this week, as the lack of interest from buyers prompted exporters to drop their collection prices.
In the domestic market, Turkish mills continued to decrease purchase prices for shipbreaking scrap, cutting them by $3/mt to $252/mt delivered since Monday.
Rebar sales sluggish
Daily domestic rebar spot prices declined by TRY20/mt ($3/mt) in Izmir but remained unchanged in other regions. As a result, the general price range for rebars was TRY3,350-3,410/mt ex-works, including 18pc VAT, on Wednesday.
Exported rebar prices in the Turkish market were flat at $415-420/mt fob with no deals reported as demand seems to be at lower levels.
($1 = TRY6.85; €1 = $1.13)