The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.30/mt to $286/mt cfr on Friday as buyers rejected higher offers.
Turkish mills succeeded in avoiding a price increase to $290/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region and purchased around 200,000mt of the material during the last five days. However, no new bookings were reported in the Turkish ferrous scrap market at the end of the week.
Mills still require a number of cargoes for November shipment, but the $3-5/mt gap between bids and offers remains as buyers intend to continue booking at $285-287/mt cfr, while some suppliers are firm on achieving sales at $290/mt cfr Turkey.
A sale from Denmark to a Karadeniz-based mill was done at an average price of $290/mt cfr recently, but the cargo composition was still under discussion at the time of publication.
No significant changes were heard in the Turkish rebar market on Friday. As a result, the daily domestic spot rebar prices remained in the range of TRY4,120-4,170/mt ex-works, including 18pc VAT, while the daily exported rebar prices were unchanged at $445-450/mt fob.
Some billet sales were done in the Iskenderun region at $416-417/mt ex-works during this week, according to market participants.
($1 = TRY7.90)