The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.13/mt to $300.50/mt cfr on Tuesday due to a quiet market.

 

Trading remains on hold in the Turkish ferrous scrap market and firm bids are missing as mills, which are currently focused on steel product sales, anticipate scrap prices to move below $300/mt cfr for US-origin HMS 1&2 (80:20).

 

On the other hand, most scrap suppliers have withdrawn offers due to the sluggish demand, preferring to wait rather than decrease their offers from the initial level of $305/mt cfr for US-origin HMS 1&2 (80:20). Exporters expect Turkish mills to resume purchases later this week or in the next week as the latter still require around 15 cargoes for October shipment.

 

Rebar prices decline

Rebar sales were slow in the Turkish market because of which, daily domestic spot prices decreased by TRY10-20/mt ($1-3/mt) to TRY4,000-4,040/mt ex-works, including 18pc VAT, on Tuesday. Exported rebar prices in Turkey followed the trend and moved to $460/mt fob versus $460-465/mt fob a day ago.

 

($1 = TRY7.49)

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