The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) fell by $10.12/mt to $439.88/mt cfr on Wednesday with a sale from the Baltic region.
A Marmara-based mill was heard to have purchased HMS 1&2 (80:20) at $440/mt cfr, and shredded scrap and bonus material at $450/mt cfr from Sweden. The exact cargo composition was not disclosed at the time of publication.
New bids from Turkish mills decreased to $430-435/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region with some importers even expecting scrap prices to fall to $420/mt cfr. However, the lower the bids move, the less offers remain in the market. Most US suppliers refuse to sell below $450/mt cfr for HMS 1&2 (80:20) and several Baltic and European exporters decided to withdraw their offers on Wednesday.
As a result, Turkish mills may achieve further price decrease for imported scrap, but in limited transactions.
In the domestic market Turkish steelmakers decreased purchase prices for shipbreaking scrap by $15/mt to $440/mt delivered.
The daily domestic spot rebar prices in Turkey fell by TRY50-120/mt ($7-16/mt) to TRY5,430-5,520/mt ex-works, including 18pc VAT, on Wednesday amid slow trading.
The daily exported rebar prices dropped by $20/mt to $620/mt fob on Wednesday. A rebar sale from Turkey to Hong Kong was heard at $655/mt cfr this week.