The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $3/mt to $269.87/mt cfr on Thursday amid negative market conditions.
The sentiment worsened in Turkey due to growing global uncertainty amid the COVID-19 virus’ spread. Several scrap suppliers were asking for bids on Thursday, while most Turkish mills were silent. Buyers are expected to insist on lower prices, below $270/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region, because they have enough cargoes to choose from at present.
US scrap exporters are yet to resume trading with Turkey, but decreased collection prices on their East Coast docks by $8-10/gt across most grades and dock locations.
Turkish rebar sales remain slow. Prices were revised in the domestic market due to the Turkish lira’s devaluation against US dollar.
Rebar prices increased by TRY40/mt ($6/mt) in Izmir, by TRY50/mt ($8/mt) in Istanbul, by TRY60/mt ($9.50/mt) in Karabuk and by TRY70/mt ($11/mt) in Iskenderun. As a result, they moved into a range of TRY3,100-3,150/mt ex-works, including VAT on Thursday from TRY3,040-3,100/mt ex-works on Wednesday.
Icdas announced a domestic rebar price at TRY3,230/mt ex-works, including VAT in Biga.
Export rebar prices mostly remained at around $435/mt fob. A small sale to the US was reported at $595/mt cfr theoretical weight, duty paid, but the deal was done around a week ago.
($1 = TRY6.30)