The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $2.92/mt to $411.88/mt cfr on Wednesday as bids fell further.
Negative market sentiment gained momentum with mills asking for HMS 1&2 (80:20) at $400/mt cfr from the US and Baltic regions, especially after the Jan 26 booking from the UK, which was reportedly made at $408/mt cfr for HMS 1&2 (80:20) and at $419/mt cfr for shredded scrap. Turkish producers are also targeting lower prices for scrap due to decreasing steel product prices amid sluggish sales.
In the domestic market Turkish mills dropped purchase prices for shipbreaking scrap by $10/mt to $415/mt delivered over a day.
The daily domestic spot rebar price in Turkey decreased by TRY50-80/mt ($7-11/mt) to TRY5,210-5,300/mt ex-works, including 18pc VAT, on Wednesday amid weak demand for it.
Icdas decreased its local rebar prices by TRY130/mt ($18/mt) and opened sales in Biga at TRY5,390/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,450/mt ex-works, including 18pc VAT. Bastug Metalurji followed the suit and announced rebar prices at TRY5,390/mt ex-works, including 18pc VAT.
The daily exported rebar price dropped by $5/mt to $610/mt fob over a day.