The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $1.25/mt to $292.75/mt cfr on Wednesday as buyers continued to bid at low prices.

 

No deals were reported in the Turkish ferrous scrap markets as mills refused to purchase, expecting lower prices for the material. Bids for Baltic- and European-origin HMS 1&2 (80:20) do not exceed $290/mt cfr and $285/mt cfr, respectively.

 

Offers are still sporadic as most suppliers prefer to wait for demand for November cargoes, which are needed by all mills. Suppliers also believe that some producers require material for shipment in the second half of October.

 

Daily domestic spot rebar prices in Turkey declined by TRY20/mt ($3/mt) from the lower end of the previous range to TRY4,140-4,200/mt ex-works, including 18pc VAT, on Wednesday, while daily exported rebar prices remained unchanged at around $455/mt fob.

 

($1 = TRY7.73)

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