Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $1.50/mt to $294/mt cfr on Tuesday as bids from Turkish mills moved lower.


The bids for premium quality HMS 1&2 (80:20) in the Turkish market did not exceed $290/mt cfr on Tuesday, as mills remained firm about the acceptability of this price for Baltic suppliers. Last week, bookings were reported at $295-296/mt cfr. Turkish mills also cited the significant devaluation of the Turkish lira against the US dollar as a reason for their lower bids.


Offers were scarce, but some Baltic and European exporters were heard to be negotiating. As a result, deals are possible this week and these transaction prices could give more clarity on the overall market rates.


Bids for short-sea cargoes also moved down in Turkey. Mills began targeting $270/mt cfr for Romanian-origin HMS 1&2 (80:20), while transactions were fixed at $274-275/mt cfr last week.


Daily domestic spot rebar prices in Turkey increased by TRY20-30/mt ($2.50-4/mt) to TRY4,160-4,200/mt ex-works, including 18pc VAT, on Tuesday amid continuous currency fluctuations. Icdas raised its local rebar prices by TRY40/mt ($5/mt) to TRY4,270/mt ex-works, including 18pc VAT.


The daily exported rebar prices in Turkey declined to around $455/mt fob versus $455-460/mt fob a day ago.


In other bulk markets, three US west coast bulk sales concluded over the past week. Two cargoes were sold to Bangladesh at $325/mt cfr for shredded scrap, and one was sold to South Korea on Monday at $306/mt cfr on a #1 HMS basis.


The sales represent a $10/mt decrease from prior sales to both countries that concluded in early September.


($1 = TRY7.85)

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