The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.10/mt to $302.50/mt cfr on Thursday as suppliers stayed firm .
Most US and Baltic ferrous scrap exporters refused sales of HMS 1&2 (80:20) below $305/mt cfr to Turkey after a sale from Canada was reported yesterday, at an average price of $312/mt cfr for 12,000mt of HMS 1&2 (95:5), 12,000mt of shredded scrap and 8,000mt of P&S 5ft. Negotiations in the Turkish market slowed down as most mills have decided to step back amid current offers. Moreover, mills are currently at liberty to hold off trades and evaluate the state of affairs, having already booked around 30-40pc of tonnages required for October.
European scrap suppliers are insisting on higher prices as well, targeting around $300/mt cfr Turkey for HMS 1&2 (80:20). Russian exporters remain assertive, offering HMS 1&2 (90:10) from Rostov-on-Don at $305-307/mt cfr and HMS 1&2 (95:5) from Arkhangelsk and Murmansk above $310/mt cfr.
Daily domestic rebar spot prices in Turkey slid by TRY10/mt ($1/mt) to TRY4,040-4,070/mt ex-works, including 18pc VAT, on Thursday, while exported rebar prices were flat at $460-465/mt fob.
($1 = TRY7.46)