The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged at $440/mt cfr on Friday amid a standoff between buyers and sellers.
Turkish mills have postponed ferrous scrap purchases as they target further price decrease due to difficulties with rebar sales. Bids are reported at $430-435/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region or even lower. On the other hand, most suppliers prefer to wait until next week instead of revising their offers downwards.
The most recent transaction in Turkey was fixed at $440/mt cfr for HMS 1&2 (80:20) from Sweden, as reported by Davis Index on Jan 20. After that, most sellers decided to step back as prices have fallen by around $40/mt in a span of 10 days. Scrap exporters believe that Turkish mills will resume bookings next week as they still require 20-25 deep-sea cargoes for March shipment.
In the domestic market, Turkish steelmakers have decreased purchase prices for shipbreaking scrap by $5/mt to $435/mt delivered since Wednesday.
The daily domestic spot rebar prices in Turkey decreased by TRY40-60/mt ($5-8/mt) to TRY5,320-5,400/mt ex-works, including 18pc VAT, on Friday amid sluggish trading, while the daily exported rebar prices were unchanged at $620/mt fob.