The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $300/mt cfr on Thursday amid non-existent trading.

 

Most buyers and sellers are inactive, and negotiations are sluggish in the Turkish ferrous scrap as weak demand for scrap is balanced with limited supply.

 

Turkish mills believe that prices for US-origin HMS 1&2 (80:20) should decline below $300/mt cfr, while sellers prefer they should go above this level because of which neither bids nor offers have been reported so far this week.

 

Although Turkish mills paused ferrous scrap bookings around a week ago, according to market participants, they still require around 15 cargoes for October shipment.

 

Rebar trading in the Turkish domestic market was slow too, but daily spot prices increased by TRY40/mt ($5/mt) to TRY4,020-4,050/mt ex-works, including 18pc VAT, on Thursday amid currency fluctuations. Icdas raised its local rebar prices by TRY20/mt ($3/mt) to TRY4,120/mt ex-works, including 18pc VAT.

 

Exported rebar prices in Turkey continue to vary in the range of $455-460/mt fob. Turkish mills are currently negotiating with US rebar buyers as demand has revived there, while the most recent sales were done at $585-590/mt theoretical weight, duty paid.

 

($1 = TRY7.56)

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