The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $7.50/mt to $450/mt cfr on Tuesday amid weak demand and low bids.
Buyer inactivity has slowed down ferrous scrap trading in Turkey with some market participants anticipating the potential for a few further purchases of HMS 1&2 (80:20) from the USA at $450/mt cfr, while there is no interest to pay the same price for Baltic-origin HMS 1&2 (80:20) with targets that are at least $5/mt lower. Bids for European-origin HMS 1&2 (80:20) and HMS 1&2 (75:25) were reported at $430-440/mt cfr on Tuesday.
Davis Index confirmed a sale from the USA to Turkey at $450/mt cfr for 6,500mt of HMS 1&2 (80:20), at $460/mt cfr for 22,000mt of shredded scrap and at $460/mt cfr for 1,500mt of bonus material for late February-early March shipment, as reported on Jan 18.
In the domestic market Turkish mills decreased purchase prices for shipbreaking scrap by $5/mt to $455/mt delivered.
The daily domestic spot rebar prices in Turkey fell by TRY20-50/mt ($3-7/mt) to TRY5,550-5,570/mt ex-works, including 18pc VAT, on Tuesday amid sluggish sales, while the daily exported rebar prices moved down to $640/mt fob from $640-650/mt fob on Jan 18.