The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) fell by $25.20/mt to $414.80/mt cfr on Tuesday on a fresh booking from the UK.
After a week’s silence, Turkish importers achieved their goal of lower prices for imported ferrous scrap. An Izmir-based mill purchased 9,500mt of HMS 1&2 (80:20) at $408/mt and 14,000mt of shredded scrap at $419/mt cfr from the UK.
There is also some talk of a US sale of HMS 1&2 (80:20) at a price level of $415-420/mt cfr Izmir, but details were not confirmed at the time of publication.
Turkish mills continue to push for lower scrap prices amid a downtrend in rebar prices and difficulties in booking new finished product sales. In the domestic market Turkish producers cut purchase prices for shipbreaking scrap by $5/mt to $425/mt delivered, just a day after price were lowered to $430/mt delivered.
The daily domestic spot rebar price in Turkey decreased by TRY20-40/mt ($3-5/mt) to TRY5,260-5,380/mt ex-works, including 18pc VAT, on Tuesday amid slow trading, while the daily exported rebar price dropped by $5/mt to $615/mt fob.
Kardemir announced 150×150 billet prices at TRY5,109.40/mt ex-works, including 18pc VAT for S235JR, and at TRY5,150.70/mt ex-works, including 18pc VAT for S420-B420. Sales amounted for around 47,000mt on Tuesday, according to market participants.
In Asian bulk markets, a US cargo was booked by China at $430/mt cfr for shredded scrap, while South Korea has bid well below that level for cargoes it is hoping to book later this week.