The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $4.93/mt to $247.57/mt cfr on Monday with a sale from the Baltic region.
A Marmara-based mill purchased 26,000mt of HMS 1&2 (80:20) at $242/mt cfr and 4,000mt of bonus scrap at $252/mt cfr from Russia (St Petersburg) at the end of last week. The cargo is due to be shipped in the first half of June.
Turkish mills are targeting lower prices for import ferrous scrap amid difficulties with steel product sales. Bids vary in the range of $240-245/mt cfr for HMS 1&2 (80:20) from the USA or the Baltic region, depending on shipment dates.
Some scrap suppliers decided to withdraw offers to Turkey on Monday to evaluate the sale from Russia and to gauge if any other exporter is accepting similar price level, considering tight availability, before making new offers.
Turkish scrap buyers are not active and started decreasing prices for domestic scrap. Mills, specifically, cut purchase prices for shipbreaking scrap by $5/mt to $245/mt delivered on April 27.
Turkish rebar market remains slow
Local spot prices declined by TRY50/mt ($7/mt) in Istanbul, by TRY30/mt ($4/mt) in Izmir and Iskenderun, and by TRY10/mt ($1/mt) in Karabuk. As a result, prices settled in the range of TRY3,280-3,320/mt ex-works, including 18pc VAT, on Monday. Icdas decreased its local rebar prices by TRY20/mt, to TRY3,380/mt ex-works, including 18pc VAT.
Export rebar prices in Turkey are flat at $410-415/mt fob.
($1 = TRY6.99)