The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $481.25/mt cfr on Monday due to lack of business.
Turkish mills are yet to resume negotiations with ferrous scrap suppliers and some bookings are expected in the second half of this week. Turkish steelmakers must finish purchases for February shipment as they still require at least 10 deep-sea cargoes.
The global ferrous market remains firm despite silence from Turkish importers. Ferrous scrap prices in the US domestic market are anticipated to increase in January. China has already purchased its first imported ferrous scrap cargo and further bookings are possible because of which, some exporters may redirect their tonnages from Turkey to China. The Russian government approved a duty of 5pc but no lower than €45/mt on export ferrous scrap last week, so supply from this country is expected to fall.
The daily domestic spot rebar prices in Turkey were flat at TRY5,500-5,600/mt ex-works, including 18pc VAT, on Monday, and the daily exported rebar prices continued to vary in the range of $635-640/mt fob.
($1 = TRY7.37)