The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.50/mt to $300/mt cfr on Wednesday due to the absence of new deals for imported scrap.
Negotiations were slow in the Turkish market as both buyers and sellers appeared uninterested in finding a common ground on prices. Firm bids for deep-sea or short-sea scrap cargoes are still missing, as are offers.
The most recent transactions in Turkey were fixed at $298.75-300/mt cfr for HMS 1&2 (80:20) from the Baltic region (Russia) last week, as reported earlier by Davis Index.
Turkish mills suspended scrap purchases after they booked around 30-40pc of required cargoes for October shipment. However, they still need to purchase around 15 cargoes, which could make the present situation a short break before negotiations resume.
Business activity remains sluggish in the Turkish rebar market because of which, daily domestic spot prices dropped by TRY20-30/mt ($3-4/mt) to TRY3,980-4,010/mt ex-works, including 18pc VAT, on Wednesday. Exported rebar prices in Turkey also declined to $455-460/mt fob compared with $460/mt fob on September 15.
($1 = TRY7.51)