The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $260/mt cfr on Monday.
Turkish ferrous scrap importers are inactive after purchasing significant tonnages in the first half of June, though some suppliers are trying to negotiate deals. Turkish mills are focused on steel product sales and expect scrap prices to decrease to $250/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, though the most recent deal was done at $265/mt cfr for US-origin HMS 1&2 (80:20) early last week.
Several scrap cargoes are currently available from the USA and Europe to Turkey. Offers are reported at around $260/mt cfr for HMS 1&2 (80:20) or for mixed composition cargoes.
Trading is suspended in the Azov-Black Sea basin too. Some exporters offered HMS 1&2 (80:20) at $250/mt cfr as sales at this level were reported from Romania last week but have failed to attract buyers so far.
In the domestic market, Turkish producers decreased purchase prices for shipbreaking scrap by $5/mt to $255/mt delivered amid low requirements.
Local rebar prices decline
The daily Turkish domestic rebar spot prices dropped by TRY20/mt ($3/mt) again to settle at TRY3,380-3,430/mt ex-works, including 18pc VAT, on Monday. Trading remained sluggish because of which, prices decreased by TRY50-90/mt ($7-19/mt) over the week.
Exported rebar and billet prices in the Turkish market were flat at $415-420/mt fob and at $395-405/mt fob, respectively.
($1 = TRY6.84)