The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $1.25/mt to $397.50/mt cfr on Wednesday as buyers continued to seek lower prices.
A few Turkish mills are checking offers for ferrous scrap, but no bookings have been reported so far. Bids are still being heard at $380-390/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region with one mill considering purchasing a cargo for late February-early March shipment.
Most scrap suppliers are waiting for US exporters to strike a deal to get more clarity on the price benchmark in the market. The availability of US cargoes to Turkey will also determine market conditions.
Turkish mills continue to reduce their purchase prices for domestic shipbreaking scrap, which settled at $380/mt delivered on Wednesday, down by $5/mt from the prior day.
The daily domestic spot rebar price in Turkey dropped by TRY70/mt ($10/mt) to TRY4,780-4,830/mt ex-works, including 18pc VAT, on Wednesday, while the daily exported rebar price remained unchanged at $600/mt fob. Sales are slow both inside and outside the country.
($1=TRY7.15)