The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $2.50/mt to $257.50/mt cfr on Tuesday, as buyers were inactive.
Demand for imported ferrous scrap has been weak in Turkey. Most mills have refrained from purchasing because they have already met their requirements for July shipments and they have enough time to book their August shipments. Market participants believe that Turkish mills will resume purchases at $250-255/mt cfr for HMS 1&2 (80:20) from the US or the Baltic region, but, at the moment, suppliers are refusing to make offers that even come close to that price.
A single deal was heard in the Azov-Black Sea basin. An exporter from Romania sold HMS 1&2 (80:20) for $245/mt cfr to Turkey, but other suppliers in the region don’t appear ready to follow suit and have instead taken a wait-and-see approach.
Local rebar trading slow
Daily domestic rebar spot prices declined by TRY20/mt ($3/mt) across Turkey and settled at TRY3,360-3,410/mt ex-works, including 18pc VAT, on Tuesday.
Exported rebar prices in the Turkish market were flat at $415-420/mt fob.
($1 = TRY6.85)