The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.25/mt to $282.50/mt cfr on Wednesday as buyers hold out in anticipation of lower prices.
Demand for deep-sea ferrous scrap cargoes remains weak in the Turkish market. Although suppliers are still targeting $285/mt cfr for HMS 1&2 (80:20), the same amount at which the last deals from the US and Baltic region were closed in early August, importers remain uninterested to buy at these prices amid sluggish rebar sales.
Some Turkish steelmakers are currently looking for short-sea scrap cargoes, and firm bids for HMS 1&2 (80:20) from Romania were reported at $270/mt cfr. Some negotiations are in progress with no bookings heard so far.
Rebar sales challenging
Daily domestic rebar spot prices dropped by TRY20/mt ($3/mt) across Turkey to TRY3,780-3,820/mt ex-works, including 18pc VAT, on Wednesday. Exported rebar prices in were unchanged at $440/mt fob.
($1 = TRY7.29)