The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $0.50/mt to $256.90/mt cfr on Thursday.
Buying activity decelerated in Turkey’s ferrous scrap market. Most mills, citing feeble steel product sales, suspended purchases in resistance of additional price increase. Mills either withdrew bids or lowered them to $250/mt cfr for HMS 1&2 (80:20) from the US and the Baltic region.
Scrap exporters, in their turn, remained firm and kept offers above $260/mt cfr for HMS 1&2 (80:20) from the US and the Baltic region. They believe that, because Turkish mills still require cargoes for May shipments, and because supply is tight and offers are scarce, mills will have no choice but to accept price increases next week. Market participants estimate that Turkish mills have not yet bought 10 deep-sea cargoes for May shipment.
A Karadeniz-based mill booked one deep- and two short-sea cargoes on April 15. A supplier from the US sold 20,000mt of HMS 1&2 (90:10) and 10,000mt of P&S 5ft at an average price of $262/mt cfr. The cargo is slated for shipment at the beggining of June from New Orleans. An exporter from Rostov-on-Don in Russia traded HMS 1&2 (90:10) scrap at $257/mt cfr to this mill, while an exporter from Romania sold bonus scrap for $268/mt cfr.
A Romanian supplier also sold 12,000mt of HMS 1&2 (80:20) at $252/mt CFR Marmara on April 15.
Local rebar spot prices were flat in Karabuk and inched up by TRY10-30/mt ($1-4/mt) in Istanbul, Izmir, and Iskenderun. As a result, prices settled at TRY3,280-3,370/mt ex-works, including 18pc VAT, on Thursday.
Icdas raised local rebar prices by TRY30/mt to TRY3,380/mt ex-works, including 18pc VAT. Bastug Metalurji raised local rebar prices by TRY20/mt to TRY3,340/mt ex-works, including 18pc VAT.
Export rebar prices in the Turkish market were unchanged at $410-420/mt fob but trading was sluggish.
($1 = TRY6.94)