The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) fell by $2.63/mt to $263.50/mt cfr on Thursday amid low demand.

 

Mills halted ferrous scrap bookings in the Turkish market even as some suppliers from the USA and the Baltic region lowered their offers for HMS 1&2 (80:20) to around $265/mt cfr after reports of a sale of American cargo done at this level for August shipment on Monday. Offers on June 17 were reported at $270/mt cfr.

 

Buying activity is weak in Turkey. Mills, before announcing their bids for scrap, are carefully watching their steel product sales. Some mills prefer to wait in anticipation of scrap prices decreasing to $250/mt cfr for US and Baltic-origin HMS 1&2 (80:20) amid strong supply.

 

Rebar trading slows down

Daily domestic rebar spot prices slid by TRY10/mt ($1/mt) across Turkey and were settled at TRY3,420-3,470/mt ex-works, including 18pc VAT, on Thursday. Sales are slow at present.

 

Exported rebar and billet prices in the Turkish market remained flat at $415-420/mt fob and at $395-405/mt fob, respectively.

 

($1 = TRY6.86)

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