The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.62/mt to $472.84/mt cfr on Thursday. Price increase slowed down as demand softened in Turkey, despite two transactions being reported.
Details of the booking mentioned by Davis Index on Dec 23 were disclosed on Thursday. A US supplier reached an agreement with an Iskenderun-based mill at $473/mt cfr for HMS 1&2 (80:20), at $478/mt cfr for shredded scrap, and at $483/mt cfr for P&S 5ft.
One more deal was reported, in which a Swedish exporter sold a full cargo of shredded scrap at $480/mt cfr to a Marmara-based mill.
Business activity slackened in the Turkish imported ferrous scrap market, and some deep-sea and short-sea suppliers claimed that they did not receive any inquiries. Turkish mills still require some cargoes for February shipment, but they began resisting further price increases, although offers from the USA and the Baltic region were still heard at $475-480/mt cfr for HMS 1&2 (80:20).
Some Turkish steelmakers switched to local scrap purchases and as a result, prices for shipbreaking material increased by $5/mt to $445/mt delivered over two days.
Rebar prices were unchanged in Turkey for the second consecutive day. The daily domestic and export prices continued to vary at TRY5,630-5,680/mt ex-works, including 18pc VAT, and at $635-640/mt fob, respectively, on Thursday.
($1 = TRY7.58)