The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) sharply declined by $11.44/mt to $248.56/mt cfr on Wednesday upon news of a sale from Canada.

 

A Marmara-based mill purchased 10,000mt of HMS 1&2 (95:5), 20,000mt of shredded scrap, and 15,000mt of P&S 5ft from Canada at an average price of $255/mt cfr. The cargo is scheduled for April shipment.

 

Imported ferrous scrap demand in the Turkish market remains weak. Bids from other mills were below $250/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region, with some buyers even targeting $230/mt cfr.

Steelmakers have been cautious about booking scrap from the domestic market, too. The purchase price for shipbreaking scrap in the Izmir region decreased by $7/mt to $248/mt delivered on Wednesday.

 

US and European scrap suppliers have become pessimistic about future sales to Turkey, impelling them to reduce their collection prices. Exporters from the US East Coast decreased their dockside prices by $12-22/gt across all grades this week, while collection prices in European countries declined by a minimum of €10/mt. A Baltic exporter even reduced their collection prices by $25/mt, although scrap supply has stopped arriving at their docks.

 

Rebar prices in Turkey’s domestic market decreased by TRY20/mt ($3/mt) to TRY3,100-3,180/mt ex-works, including 18pc VAT on Wednesday. Export rebar prices remained at $425-430/mt fob.

 

$1 = TRY6.48

 

€1 = $1.09

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