The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $0.51/mt to $444.26/mt cfr on Thursday as supply outpaced demand.
Turkish mills, well aware about the availability of cargoes from Europe and some from the USA, have preferred to wait anticipating lower prices even as several ferrous scrap suppliers are requesting bids to sell their cargoes.
An exporter from Poland sold HMS 1&2 (80:20) at $445/mt cfr and bonus material at $460/mt cfr to an Iskenderun-based mill. However, it will be difficult for other suppliers to achieve a similar price level as other mills are targeting below $440/mt cfr.
Trading is slow in the Azov-Black Sea basin too, but a cargo of HMS 1&2 (90:10) from Ukraine changed hands at around $435/mt cfr, down by $5/mt from the previous transactions.
Spot rebar prices in the Turkish domestic market increased by TRY10-70/mt to TRY6,620-6,690/mt ex-works, including 18pc VAT, on Thursday.