The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) fell by $0.60/mt to $286.30/mt cfr on Thursday after mills resisted accepting higher prices.
Deals, which were expected to start trickling in this week have been sporadic as negotiations continue in the Turkish ferrous scrap market amid buyers’ inflexibility on higher offers. Some US and Baltic suppliers are targeting $290/mt cfr for HMS 1&2 (80:20), but bids vary in the range of $283-285/mt cfr.
Two deep-sea cargo bookings were heard in Turkey on Thursday. In one, a Marmara-based mill purchased HMS 1&2 (80:20) at $286/mt cfr, shredded scrap at $291/mt cfr, and bonus material at $296/mt cfr from the USA.
The second transaction was fixed with a non-traditional supplier after an Izmir-based mill was heard to have bought HMS 1&2 (80:20) at $282/mt cfr from Venezuela.
Turkish mills need material for November shipment, but they plan to continue purchases at $285-287/mt cfr for US and Baltic-origin HMS 1&2 (80:20), according to market participants.
No significant rebar sales were reported on Thursday. As a result, the daily domestic spot rebar prices in Turkey were unchanged at TRY4,120-4,170/mt ex-works, including 18pc VAT, while the daily exported rebar prices were flat at $445-450/mt fob.
($1 = TRY7.93)