The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $270/mt cfr on Monday.

 

Markets remain under downward pressure as mills struggle to book rebar sales.

 

Two deals booked January 30 were released to the market on Monday and excluded from the daily index, which only comprises deals booked within the past 24 business hours.

 

A US cargo booking was confirmed comprising 15,000mt of HMS 1&2 (80:20) at $267.50/mt cfr and 15,000mt of shredded scrap at $272.50/mt cfr to a Marmara-based mill. 

 

A second cargo was booked by an Izmir-based mill with 7,000mt of HMS 1&2 (80:20) booked at $270/mt cfr; 20,000mt of shredded scrap at $275/mt cfr; and 3,000mt of bonus scrap at $280/mt cfr from Sweden.

 

Both cargoes are scheduled for February shipment.

 

Demand for scrap is weak in Turkey and most market participants expect prices to decrease further as domestic markets in key supply regions like the US and Europe are poised for a February drop.

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