The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.50/mt to $275/mt cfr on Thursday, as most sellers stood firm knowing that buyers couldn’t delay purchasing beyond next week.
Most deep-sea scrap suppliers refused to lower their prices, thereby increasing Turkish demand for short-sea cargoes from mills hoping to capitalize on better prices. Bids for HMS 1&2 (80:20) from Bulgaria were reported at $260/mt cfr, while bids for the same grade material from Romania were reported at $265/mt cfr. According to market sources, Romanian HMS 1&2 (80:20) traded above $270/mt cfr Turkey this week from $265/mt cfr last week.
Negotiations with deep-sea scrap exporters have been slow with no concrete offers. Buyers’ price estimations increased by $5/mt to $270/mt cfr Turkey for HMS 1&2 (80:20) from the US and Baltic region.
Scrap prices in the US domestic market have yet to be set for March, while domestic prices in European countries rose by Eur10-15/mt ($11-17/mt).
Business in the Turkish rebar market has been slow. Local rebar prices decreased by Try20/mt ($3/mt) in Istanbul and Karabuk, by Try30/mt ($5/mt) in Iskenderun, and by Try40/mt ($6.50/mt) in Izmir. Now prices vary in the range of Try3,070-3,120/mt ex-works.
US$ 1 = TRY 6.11
EUR 1 = US$ 1.12