Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched down by $0.59/mt to $472.25/mt cfr on Monday as buyers became inactive.


Demand for imported ferrous scrap softened in the Turkish market as most mills hesitated to make new purchases. According to market participants, Turkish steelmakers still need at least 10 deep-sea cargoes for February shipment but have refrained from bidding since they have enough time to fulfill the requirement.


Most scrap suppliers are also inactive due to the holiday season because of which, no firm offers to Turkey were reported on Monday.


The most recent transactions in the Turkish market were fixed in the middle of last week at $473/mt cfr for HMS 1&2 (80:20), $478/mt cfr for shredded scrap, and $483/mt cfr for P&S 5ft from the USA and at $480/mt cfr for shredded scrap from Sweden.


Some Turkish steelmakers remain focused on local scrap bookings. Thus, prices for shipbreaking material increased by $10/mt to $455/mt delivered since Friday.


Spot domestic rebar prices diverged in different regions of Turkey. They rose by TRY20/mt in Istanbul, declined by TRY30/mt in Iskenderun, and remained unchanged in Izmir and Karabuk. As a result, the general price range settled at TRY5,600-5,700/mt ex-works, including 18pc VAT, on Monday compared with TRY5,630-5,680/mt ex-works, including 18pc VAT, on Friday.


The daily exported rebar prices in Turkey continued to vary in the range of $635-640/mt fob.


($1 = TRY7.46)

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