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) was unchanged at $502.50/mt cfr on Wednesday following a lack of trade.


Negotiations failed to result in deals because of a wide gap between bids and offers with Turkish mills continuing to target $495-500/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while sellers offered the material at $505-510/mt cfr.


Shredded scrap is being offered at $15-20/mt higher than heavy melt due to limited availability of the grade. A Baltic recycler was heard to have sold shredded scrap to Europe recently at a price equivalent to $530/mt cfr in Turkey.


Prices are expected to increase by $40-50/gt across all grades in the USA this month and the active domestic market has kept suppliers from the US and Baltic region firm on their offers.


Spot rebar prices in the Turkish domestic market inched up by TRY30/mt from the lower end of the previous range to TRY7,050-7,100/mt ex-works, including 18pc VAT, on Wednesday.


($1 = TRY8.60)

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