The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.49/mt to $503.48/mt cfr on Tuesday after mills targeted lower prices to buy the material.
Turkish mills are expected to continue ferrous scrap purchases this week as they have solid order books for steel products. Still, importers are not bidding over $500/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region following two sales at around this level from the US to a Marmara-based mill late last week. However, most European and Baltic suppliers consider this price as unacceptable, referring to higher prices at alternative outlets, especially inside the EU.
Turkish mills require 5-10 deep-sea cargoes for July shipment, though some are evaluating the possibility of purchasing for August shipment now.
Spot rebar prices in the Turkish domestic market rose by TRY100/mt at TRY7,250-7,350/mt ex-works on Tuesday. Icdas raised its local rebar prices by TRY150/mt to TRY7,350/mt ex-works Biga and TRY7,430/mt ex-works Istanbul.
Kardemir opened its 150×150 billet sales at TRY6,897.10/mt ex-works for the S235JR grade, and at TRY6,950.20/mt ex-works for the S420-B420 grade. The producer sold around 60,000mt of semis on Tuesday and closed sales. All domestic prices include 18pc VAT.
($1=TRY8.56)