The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $5/mt to $260/mt cfr on Tuesday, as the absence of buyers continues hurting market sentiment.
Several ferrous scrap suppliers are still looking for Turkish buyers, while most mills are silent. To spark negotiations, some Baltic region exporters are offering HMS 1&2 (80:20) for at least $265/mt cfr, but mills expect prices will fall below $260/mt cfr. Some market participants believe that mill bids around $260/mt cfr will catalyze a number of deals.
The most recent transactions in Turkey were fixed at $268/mt cfr for HMS 1&2 (80:20) from the Baltic region on March 12.
Since sales prospects for steel products are unclear, Turkish mills reduced purchase prices for local scrap. Purchase prices for shipbreaking scrap in the Izmir region decreased by $16/mt to $255/mt delivered today.
Rebar prices in the domestic market remain unchanged at TRY3,120-3,200/mt ex-works, including 18pc VAT on Tuesday. Icdas is the only mill that raised local rebar prices by TRY30/mt ($5/mt) to TRY3,260/mt ex-works, including 18pc VAT in Biga.
Export rebar prices decreased from $435/mt fob to $425-430/mt fob. A sale from Turkey to Asia was reported at $435/mt cfr TW.
$1 = TRY6.40