Turkey: Scrap import prices flat in quiet market

The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $6.89/mt to $251.89/mt cfr on Friday after a fresh sale from the Baltic region. Ferrous scrap suppliers became bullish as collection remained slow and demand improved significantly in the Turkish market. Offers for HMS 1&2 (80:20) from the US and Baltic region increased to $255-260/mt cfr, and a sale from the Baltic region to a Marmara-based mill was reported at $252/mt cfr for HMS 1&2 (80:20) and at $262/mt cfr for bonus material, by the end of the day. Two more deals were discussed in the Turkish scrap market, but they were closed earlier this week. In one deal, an Iskenderun-based mill booked a cargo from Belgium at an average price of $245/mt cfr, but its composition was not disclosed, while in the other transaction a Marmara-based producer purchased HMS 1&2 (80:20) from the US at $242/mt cfr. All Turkish mills are now looking for June shipment cargoes as they sold rebar in the domestic market this week. Daily domestic rebar spot prices decreased by TRY10-30/mt ($1-4/mt) across Turkey and settled at TRY3,300-3,320/mt ex-works, including 18pc VAT, on Friday. Exported rebar and billet prices remained flat in Turkey at $390-400/mt fob and $360-370/mt fob respectively. ($1 = TRY7.09)