The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $2.50/mt to $272.50/mt cfr on Monday as Turkish mills are adamant about paying lower prices.

 

The ferrous scrap market in Turkey is silent to start March, with neither bids nor offers to report. Buyers expect prices to decrease to $265-270/mt cfr for HMS 1&2 (80:20) from the US and Baltic region due to challenging rebar sales. The most recent transactions were fixed at around $280/mt cfr.

 

Prices for Turkish rebar keep softening because trade is slow. In the domestic market, rebar prices decreased by Try10/mt ($2/mt) to Try3,150-3,210/mt ex-works on Monday.

 

There has been minimal trading activity in the Azov-Black Sea basin. Turkish mills are targeting lower prices for short-sea scrap cargoes, while Romanian HMS 1&2 (80:20) was sold at $265/mt cfr last week.

 

US suppliers aren’t offering scrap to Turkey at the moment because they are preoccupied watching how developments unfold in their domestic markets. However, they sold two cargoes late last week (32,000mt and 30,000mt) to Bangladesh for April shipment and accepted lower prices. HMS 1&2 (80:20) traded at $290-291/mt cfr, shredded scrap at $295-296/mt cfr, and P&S 5ft at $300/mt cfr.

 

US$1 = TRY 6.22

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