The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $3.35/mt to $477.90/mt cfr on Wednesday on new transactions.
Turkish mills resumed ferrous scrap purchases, and transactions of two deep-sea cargoes and one short-sea cargo were heard in the market. A Marmara-based mill closed a deal with an American supplier at $478/mt cfr for HMS 1&2 (80:20) and at $488/mt cfr for shredded scrap.
An Izmir-based mill reached an agreement with a European exporter at $474/mt cfr for 16,500mt of HMS 1&2 (80:20), at $484/mt for 6,000mt of bonus material, and at $487/mt cfr for 5,000mt of shredded scrap.
In the Azov-Black Sea basin, a cargo of Romanian HMS 1&2 (80:20) changed hands at $460/mt cfr Turkey. Some Turkish mills are still looking for ferrous scrap cargoes.
The daily domestic spot rebar prices in Turkey decreased by TRY20-50/mt ($3-7/mt) to TRY5,450-5,580/mt ex-works, including 18pc VAT, on Wednesday amid currency fluctuations. The daily exported rebar prices remained unchanged at $640-645/mt fob. Local rebar sales are slow at present, but there is a demand for Turkish rebar in Latin America with some ongoing negotiations.
($1 = TRY7.28)