The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $6.34/mt to $278.50/mt cfr on Thursday, as supply exceeded demand.
Offers for HMS 1&2 (80:20) at $280/mt cfr originated from the Baltic region and Europe, but bids dropped to the level of the most recent deal, where an Iskenderun-based mill purchased 22,000mt of HMS 1&2 (80:20) from the UK at $277/mt cfr, as Davis Index reported on Wednesday.
Negative sentiment is creeping into Turkey’s ferrous scrap market amid persistent minimal activity. Scrap demand is weak because mills anticipate prices to continue decreasing. Mills believe suppliers have cargoes for late February and early March shipment, which they expect will lower their buying prices.