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) slid by $0.12/mt to $296.50/mt cfr on Monday amid silent market.


Turkish mills switched from ferrous scrap purchases to steel product sales at the beginning of this week, causing negotiations in the scrap market to take the back seat. Turkish mills have already sought out a large part of their requirement for December shipments, having booked around 600,000mt of scrap last week, Davis index estimates. Transactions were fixed at all destinations, with the most of them made at prices equivalent to $296-297/mt cfr for US-origin HMS 1&2 (80:20).


Daily exported rebar prices in Turkey increased by $5/mt to $460-465/mt fob on Monday. Some deals within the range were heard to be closed to the Middle East. Meanwhile, 50,000mt of Turkish rebar was sold to Singapore at $477/mt cfr theoretical weight last week. Demand in Asian countries remains strong this week amid an uptrend in the Chinese market, providing opportunity for further Turkish sales.


The daily spot rebar prices in Turkey plunged by TRY130/mt ($16/mt) to TRY4,440-4,520/mt ex-works on Monday amid a notable revaluation of the Turkish lira against the US dollar.


($1 = TRY8.07)

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