The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.36/mt to $227.50/mt cfr on Wednesday amid non-existent demand.
There are no deals to report in Turkey’s ferrous scrap market. HMS 1&2 (80:20) is available from the US and the Baltic region for $235/mt cfr, with some suppliers willing to consider $230/mt cfr, but there aren’t any bids.
Scrap demand in Turkey is low because mills, which are having difficulty selling steel products, are reducing their outputs. Moreover, mills believe prices should fall to $220/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region.
The most recent contract in Turkey was signed on March 19 at $226/mt cfr for HMS 1&2 (80:20) from the UK, as Davis Index earlier reported.
All scrap exporters have continued cutting their collection prices this week. US East Coast dockside prices dropped by $37-58/gt across all grades and dock locations. Dockside prices for ferrous scrap in the Netherlands and Belgium decreased by €30/mt ($32/mt).
Turkey’s rebar export market is weak, causing export prices to decline to around $400-410/mt fob from the earlier price of $415-420/mt fob.
Turkey’s local rebar prices have decreased by TRY20/mt ($3/mt) in Iskenderun, by TRY50/mt ($8/mt) in Karabuk and Izmir, and by TRY80/mt ($12/mt) in Istanbul. As a result, rebar spot prices settled in the range of TRY2,940-3,000/mt ex-works, including 18pc VAT, on Wednesday.
Icdas has continued revising its local rebar prices every day, reducing them on Wednesday by TRY40/mt ($6/mt) to TRY3,120/mt ex-works, including 18pc VAT, in Biga.
($1 = TRY6.46)
(€1 = $1.08)