The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $2.50/mt to $252.50/mt cfr on Friday.
Trading is on hold in Turkey’s import ferrous scrap market as mills booked significant tonnages of the material for May shipment and stepped back, despite still requiring around five cargoes. Some mills are considering scrap purchases for June shipment, but they expect prices to decrease to below $250/mt cfr for HMS 1&2 (80:20) from the USA or the Baltic region, with some expecting them to trend in the range of $240-245/mt cfr.
No firm bids or offers were reported in the Turkish scrap market at the end of the week.
Turkish rebar sales remain slow, though local spot prices were unchanged at TRY3,300-3,370/mt ex-works, including 18pc VAT, on Friday. However, export rebar prices decreased by $5/mt to $410-415/mt fob on weak demand. A sale of 20,000mt of Turkish rebar to the USA at around $540/mt cfr theoretical weight, duty paid was heard.
($1 = TRY6.99)