The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.75/mt to $301.75/mt cfr on Friday amid lower buying activity.
Demand for imported ferrous scrap weakened in the Turkish market at the end of the week as mills refuse to pay $305/mt cfr for US and Baltic-origin HMS 1&2 (80:20). Most mills decided to hold off purchases and focus on steel product sales.
Meanwhile, some scrap sales were reported from Russia to Turkey . An Iskenderun-based integrated steel mill closed a deal with a supplier from St. Petersburg at $300/mt cfr for HMS 1&2 (80:20) and at $310/mt cfr for bonus material on Wednesday. According to market participants, there was one more transaction from St. Petersburg around the same price on Thursday.
Most American, many Baltic exporters are steadfast, offering HMS 1&2 (80:20) at no lower than $305/mt, as market fundamentals remain strong.
Rebar traded to USA
Exported rebar prices in Turkey held at $460-465/mt fob on Friday, with several offers reported at up to $470/mt fob. Some rebar sales to the US were heard to be made at $583-590/mt cfr theoretical weight, duty paid, in this week and the past.
Daily domestic rebar spot prices in Turkey fell by TRY20/mt ($3/mt) to TRY4,020-4,050/mt ex-works, including 18pc VAT, on Friday amid a slowdown in sales.
Local billet prices varied in the range of $430-435/mt ex-works, unchanged from last week.
($1 = TRY7.48)