The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $1.43/mt to $238/mt cfr on Friday after a short-sea scrap sale was reported in a quiet market.
On April 30, a Marmara-based mill booked HMS 1&2 (80:20) from Romania at $228/mt cfr, while on April 29 the same material changed hands at $230-232/mt cfr Turkey.
On Friday, Turkey’s ferrous scrap market did not report any bids for deep-sea or short-sea cargoes as businesses closed for the Labour Day and Solidarity Day holiday. This holiday is celebrated in the CIS and some European countries, so there were no offers as well. US scrap suppliers are currently focused on their domestic market sales.
Lull in Turkish rebar market
Domestic rebar spot prices were flat in Turkey at TRY3,230-3,250/mt ex-works, including 18pc VAT, on Friday because of the holiday. Export rebar prices moved to around $400/mt fob versus $400-410/mt fob on April 30.
($1 = TRY7.03)