The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.20/mt to $289.33/mt cfr on Friday.

 

Trading remains sluggish amid ongoing negotiations in Turkey’s imported ferrous scrap market, with buyers insisting on significant price decreases and suppliers resisting those bids. Two sales from Europe to Turkey were heard at $284/mt cfr for HMS (80:20) but were not confirmed at the time of publication. Some exporters doubt that sellers would accept such low prices.

 

Most Turkish mills require scrap cargoes for November shipment and are bidding $285/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region. Some market participants have chosen not to hurry with their transactions preferring instead, to wait for a price trend to emerge from deals next week.

 

Turkish rebar sales slow

The daily domestic spot rebar prices in Turkey were flat at TRY4,100-4,170/mt ex-works, including 18pc VAT, on Friday, while Icdas opted to raise its local rebar prices by TRY60/mt ($8/mt) to TRY4,240/mt ex-works, including 18pc VAT amid currency fluctuations.

 

The daily exported rebar prices moved to $450-455/mt fob from $455/mt fob a day ago due to weak demand.

 

The weekly billet prices in the Turkish domestic market decreased by $5/mt to $425-430/mt ex-works as trading was suspended.

 

($1 = TRY7.77)

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