The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $272.50/mt cfr on Tuesday amid a calm market.
Negotiations in the Turkish ferrous scrap market are moving very slowly, and there are still no firm bids or offers.
Turkish mills require 30-35 deep-sea cargoes for April shipment, but it is still unclear whether they will begin purchasing this week or later. Most market participants believe the next deals will be closed at $270-275/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region.
US suppliers are still focused on domestic sales—these determine subsequent sale prices to Turkey—which will either remain unchanged or increase this month.
European exporters are also watching their local markets, but nevertheless decided to decrease collection prices this week to Eur200/mt cfr for HMS 1&2 (75:25).
Turkish mills are looking to purchase short-sea cargoes for lower prices. They bid $260-265/mt cfr for HMS 1&2 (80:20) from Romania, Bulgaria and other countries in the Azov-Black Sea region and Mediterranean. However, most sellers are keeping offers at around $270/mt cfr minimum.
There are challenges selling Turkish steel products. Rebar prices vary in the range of Try3,150-3,210/mt ($438-447/mt) ex-works in the domestic market, and at around $440/mt fob on export with no serious trading. Billet prices are reported at around $420/mt fob/ex-works.
US$1 = TRY 6.09