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) dropped by $5.31/mt to $251.19/mt cfr on Thursday after new deals at lower prices were heard in the market.


Some Turkish mills resumed ferrous scrap bookings as suppliers lowered their offers. In one transaction, a Marmara-based mill was heard to have reached an agreement with a Belgian supplier at an average price of $252.50/mt cfr for 20,000mt of HMS 1&2 (75:25), 10,000mt of shredded scrap and 10,000mt of P&S 5ft on June 25.


However, the overall buying activity remains sluggish in Turkey’s scrap market amid weak rebar sales, and mills’ continued expectation that prices for HMS 1&2 (80:20) from the USA and the Baltic region will decline to $250/mt cfr.


A sale from the USA was also discussed in Turkey on Thursday, but it was done on June 23. In this deal, an Iskenderun-based mill purchased 4,000mt of HMS 1&2 (80:20) at $261/mt cfr, 14,000mt of shredded scrap at $266/mt cfr, and 9,500mt of P&S 5ft at $271/mt cfr from a large American exporter.


Some transactions were also heard in the Azov-Sea basin. Romanian-origin HMS 1&2 (80:20) changed hands in Turkey at $241/mt cfr and at $243.5/mt cfr on June 23-24.


Turkish producers decreased purchase prices for shipbreaking scrap by $2/mt to $250/mt delivered over a day in the domestic market.


Business activity slow in rebar market

Daily domestic rebar spot prices slid by TRY10/mt ($1/mt) across Turkey to settle at TRY3,340-3,400/mt ex-works, including 18pc VAT, on Thursday.


Exported rebar prices in the Turkish market declined to $415/mt fob versus $415-420/mt fob earlier amid poor demand for it.


($1 = TRY6.86)

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