The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $6/mt to $207.50/mt cfr on Friday after a fresh sale from the Baltic region was reported.
One deal was closed in the Turkish ferrous scrap market at the end of the week when a Turkish mill bought cargo from the Baltic region. Full details of the contract were not disclosed, but Davis Index was informed that the HMS 1&2 (80:20) price was in the range of $205-210/mt cfr.
However, the overall demand for scrap is weak in Turkey as most mills believe scrap prices will fall further next week.
Turkish domestic and export rebar sales are sluggish due to a significant slowdown in construction globally amid the COVID-19 spread. The weak demand led to three mills in Izmir deciding to reduce rebar production. Some small re-rolling companies also decided to suspend operations. Crude steel output remains stable, though some maintenances are planned for April in Iskenderun.
Local rebar spot prices decreased by TRY20/mt ($3/mt) in Iskenderun, by TRY30/mt ($5/mt) in Izmir, and by TRY50/mt ($8/mt) in Karabuk but were unchanged in Istanbul. As a result, they settled in the range of TRY2,880-2,980/mt ex-works, including 18pc VAT, on Friday.
Icdas reduced local rebar prices by TRY40/mt ($6/mt) to TRY3,020/mt ex-works, including 18pc VAT, in Biga.
Export rebar prices remain at $395-400/mt fob in Turkey with no sales reported this week.
However, the export billet market where prices vary at $345-350/mt fob, saw some activity when an Iskenderun-based mill sold 10,000-15,000mt of semis to Morocco within the mentioned range. Market participants also suggest a Turkish mill sold 50,000mt of billet to Saudi Arabia at $345/mt fob, but details of this deal were unconfirmed at the time this article was published.
($1 = TRY6.46)