The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $5.62/mt to $479.38/mt cfr on Tuesday after mills lowered their bids.
An Iskenderun-based mill, which recently resumed steelmaking operations entered the fray for deep-sea cargoes and added to the number of Turkish mills checking offers for ferrous scrap. However, importers reduced their bids to $470-475/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region.
The market outlook is mixed as Turkish mills are targeting lower prices, while scrap suppliers believe this as a limited downtrend amid slow collection and high freight rates. Some sellers have preferred to hold off negotiations until a clear trend emerges, while others note that they will not have any cargo for August shipment.
A sale from the USA was actively discussed in Turkey’s ferrous scrap market, but was not confirmed by the time of publication. Some participants reported that HMS 1&2 (80:20) was sold for $475/mt cfr in this transaction that was done last week.
Spot rebar prices in the Turkish domestic market dropped by TRY50/mt at TRY7,150-7,380/mt ex-works, including 18pc VAT, on Tuesday.