The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $5.47/mt to $242.93/mt cfr on Friday as a sale from Europe was reported.
A Marmara-based mill bought 20,000mt of HMS 1&2 (80:20) for $238/mt cfr, 6,000mt of shredded scrap for $243/mt cfr, and 6,000mt of bonus material for $248/mt cfr from a Belgian supplier on May 14. The cargo is slated for shipment before June 10.
Other Turkish mills are also looking for scrap cargoes for shipment in the first half of June, and they bid $240/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region. They are insisting on lower prices because they’re having difficulty selling steel products, which they have been forced to discount.
Steel product prices declined in Turkey
Daily domestic rebar spot prices decreased by TRY30/mt ($4/mt) in Istanbul, Izmir, and Karabuk, but were flat in Iskenderun, putting prices in the range of TRY3,220-3,280/mt ex-works, including 18pc VAT, on Friday.
Icdas cut its local rebar prices by TRY80/mt ($12/mt) to TRY3,300/mt ex-works, including 18pc VAT.
Rebar export prices in Turkey dropped by $5/mt to $395-405/mt fob, while billet export prices declined to $370-375/mt fob from $370-380/mt fob. Market participants believe the only possibility of sales is at the lower end of the mentioned ranges.
($1 = TRY6.91)