The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $4.57/mt to $265/mt cfr on Monday, as buyers were inactive.
Turkey’s ferrous scrap market was quiet Monday. Suppliers from the US, Baltic region and European countries are interested in selling to Turkey, but they’re first waiting for demand to appear. Many exporters were asking for bids on Friday, but mills didn’treply. Several Baltic suppliers offered HMS 1&2 (80:20) at $270/mt cfr on Friday, however, no deals were reached. Turkish mills prefer evaluating steel products sales and scrap requirements before announcing firm bids. Some Turkish importers think scrap prices should fall to $260/mt cfr or lower.
The most recent transactions in Turkey were fixed at $268/mt cfr for HMS 1&2 (80:20) from the Baltic region on March 12.
There are persistent challenges with selling Turkish rebar. Mills raised their prices for the domestic market because the Turkish lira devalued against US dollar. Rebar prices increased by TRY20/mt ($/mt) in Karabuk, by TRY40/mt ($/mt) in Iskenderun, and by TRY50/mt ($/mt) in Istanbul and Izmir. As a result, prices moved within the range of TRY3,120-3,200/mt ex-works, including 18pc VAT on Monday from TRY3,100-3,150/mt ex-works on Friday.
Icdas didn’t make revisions on Monday and announced prices in the domestic market at TRY3,230/mt ex-works, including 18pc VAT in Biga.
$1 = TRY6.41