The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.50/mt to $275/mt cfr on Friday, as the market heard more offers.

 

Turkey’s ferrous scrap market is bearish, with some negotiations in preliminary stages but no deals closed yet. Mills are trying to achieve the lowest possible prices for scrap before they start purchasing again, pointing to dwindling steel product sales. Bids were reported at around $270/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region, and even lower, by the end of the week.

 

The number of offers in the Turkish market had risen by Friday after a quiet week. Some European and Baltic scrap suppliers are searching for buyers, offering HMS 1&2 (80:20) for around $280/mt cfr Turkey.

 

The most recent transaction in Turkey was fixed at $277/mt cfr for 22,000mt of HMS 1&2 (80:20) from the UK, as Davis Index reported on Wednesday. Market participants said the deal closed on last week’s pricing, which wasn’t considered workable this week.

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