The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.12/mt to $300.63/mt cfr on Monday amid weak demand.
Minimal business activity has been noted in the Turkish imported ferrous scrap market. Most mills have paused bookings since the end of last week in anticipation of lower prices. Firm bids are missing, but buyers expect prices to decrease to $295/mt cfr for HMS 1&2 (80:20) from the US and Baltic region, while the most recent transactions were made at $298.75-300/mt cfr for HMS 1&2 (80:20) from Russia (St Petersburg).
Most scrap suppliers find it meaningless to offer material without any interest from buyers. Besides, they believe that there are only a few exporters who can provide discounts. Thus, most suppliers have temporarily halted negotiations, counting on prices to rebound to $305/mt cfr for US and Baltic-origin HMS 1&2 (80:20) in some time.
Rebar trading was slow in the Turkish market on Monday with unchanged daily domestic rebar spot prices at TRY4,020-4,050/mt ex-works, including 18pc VAT, while exported rebar prices held at $460-465/mt fob.
($1 = TRY7.49)