The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.25/mt to $253.17/mt cfr on Thursday. The index does not include a US booking, which was reported after the editorial deadline.
A Karadeniz-based mill was confirmed to have purchased 17,000mt of HMS 1&2 (80:20) and 13,000mt of shredded scrap at an average price of $262/mt cfr from the USA on Thursday. The cargo is due to be shipped before August 5 from Houston.
Suppliers have remained firm in their offers, with USA and Baltic region exporters targeting $260/mt cfr for HMS 1&2 (80:20) and European suppliers asking for a minimum of $255/mt cfr for the same grade.
As a result, while some mills are negotiating, others prefer to wait until next week for scrap bookings.
In the meantime, Turkish mills have decreased purchase prices for shipbreaking scrap by $8/mt to $242/mt delivered over a week in the domestic market.
Local rebar market firm
Daily domestic rebar spot prices in Turkey increased by TRY20/mt ($3/mt) at the upper end of the previous range to TRY3,340-3,420/mt ex-works, including 18pc VAT, on Thursday as trading continued.
The exported rebar market remained slow with prices at $410-415/mt fob.
($1 = TRY6.85)