The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) trended flat at $449.85/mt cfr on Tuesday in an inactive market.
Suppliers and mills have reached a stalemate on ferrous scrap prices. Importers are trying to lower the prices citing weak demand, while exporters are resisting those bids due to sluggish collection and high freight rates. Besides, the availability of short-sea cargoes to Turkey have also diminished.
A sale from the Baltic region to an Izmir-based mill at $451/mt cfr for HMS 1&2 (80:20) was heard on Tuesday, though more details of the transaction were not available at the time of publication. Most Turkish mills have already finished their purchases for September shipments, but some of them are considering bookings for October shipments.
Spot rebar prices in the Turkish domestic market decreased by TRY20-50/mt to TRY6,650-6,780/mt ex-works, including 18pc VAT, on Tuesday, though sales were limited.
($1=TRY8.43)