The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.22/mt to $267.13/mt cfr on Tuesday.
Negotiations have decelerated in Turkey’s ferrous scrap market, as both buyers and sellers have fulfilled July shipping commitments. Some US and Baltic suppliers have considered targeting $270/mt cfr for HMS 1&2 (80:20) for August cargo shipments in case of any inquiry, but bids have been scarce. Most Turkish producers prefer evaluating their prospects to sell steel products before resuming scrap purchases.
Business activity is low in the Azov-Black Sea basin, too. Most scrap exporters reported that they haven’t received bids from Turkish mills.
Rebar prices move sideways in Turkey
Daily domestic rebar spot prices slid by TRY10/mt ($1/mt) in Karabuk and Izmir, but remained unchanged in Istanbul and Iskenderun. As a result, the general price range settled at TRY3,460-3,480/mt ex-works, including 18pc VAT, on Tuesday.
Exported rebar and billet prices in the Turkish market were flat at $415-420/mt fob and at $395-405/mt fob, respectively. Some mills raised their rebar offers by $5-10/mt in attempts to align export and domestic prices, but it is questionable if export sales are even possible at those levels.
($1 = TRY6.84)