The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $7.50/mt to $237.50/mt cfr on Friday as deal prices for short-sea cargoes declined.
Buying activity remained slow in the Turkish ferrous scrap market with only a few short-sea cargoes booked at lower prices. Romanian HMS 1&2 (80:20) was sold at $226/mt cfr, $223/mt cfr, and at $217/mt cfr to Turkey on Friday.
Negotiations for deep-sea scrap cargoes are sluggish as mills target $230/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region, while exporters try to keep prices at above $240/mt cfr. Some suppliers are searching for buyers at alternative outlets and for better prices particularly, in Egypt.
Turkish rebar prices are falling too. Export prices dropped to $415-420/mt fob on Friday from $425/mt fob earlier. A large cargo of Turkish rebar was sold to Singapore at $429/mt cfr theoretical weight this week.
Local rebar prices declined by TRY10-30/mt ($1.50-5/mt) to TRY3,070-3,140/mt ex-works, including 18pc VAT on Friday as trading remained slow.
($1 = TRY6.56)