The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.17/mt to $289.50/mt cfr on Tuesday due to a lack of deals.
Negotiations are underway in the Turkish ferrous scrap market with no bookings reported so far. Turkish mills are trying to find more cargoes from the USA or the Baltic region at $286-287/mt cfr for HMS 1&2 (80:20), while suppliers are firm about higher-priced offers. Scrap exporters are ready to sell at a minimum of $290/mt cfr and raised offers even higher amid strong domestic markets.
Last week, Turkish mills booked around 300,000mt of ferrous scrap, Davis Index estimates, but a part of that tonnage is due to be shipped in October. As a result, they still need significant volumes for November shipment.
The daily domestic spot rebar prices in Turkey were unchanged at TRY4,080-4,160/mt ex-works, including 18pc VAT, on Tuesday, while the daily exported rebar prices were flat at $445-450/mt fob.
($1 = TRY7.87)