The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched down by $0.13/mt to $294.76/mt cfr on Friday with no deep-sea bookings reported, though a short-sea cargo was purchased.
Negotiations revived in the Turkish ferrous scrap market by the end of the week as buyers became more active. Bids were heard at or below $295/mt cfr for HMS 1&2 (80:20) from the Baltic region, but most suppliers refused to sell at those rates, expecting higher prices. US exporters remain out of the Turkish market.
Some Turkish mills are looking for short-sea scrap cargoes. A sale of bonus grade from Romania was done at $300/mt cfr to Turkey, while bids for Romanian HMS 1&2 (80:20) are reported at $274-275/mt cfr, which are not acceptable to most sellers. Thus, some of them switched to alternative outlets with two cargoes of HMS 1&2 (80:20) from Romania changing hands at $280-281/mt cfr Greece this week.
Local rebar prices fluctuate
Daily domestic spot rebar prices in Turkey dropped by TRY30-40/mt ($4-5/mt) to TRY4,020-4,090/mt ex-works, including 18pc VAT, on Friday. Icdas decreased its local rebar prices by TRY100/mt ($13/mt) to TRY4,090/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey continued to vary in the range of $455-460/mt fob, while the weekly billet prices were flat at $430-435/mt ex-works.
($1 = TRY7.66)