The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.59/mt to $499.50/mt cfr on Monday in anticipation of buyers returning to the market.
Imported ferrous scrap trading is expected to revive later this week as Turkish mills began to check offers for August shipment cargoes. Suppliers’ position strengthened in the belief that purchases will begin at $500/mt cfr or higher for HMS 1&2 (80:20) from the USA and the Baltic region amid firm domestic markets and an increase in freight rates. Moreover, exporters are optimistic after Russia raised its export duty on ferrous scrap to a minimum level of €70/mt, which is expected to reduce availability of the material from the country.
Spot rebar prices remained unchanged at TRY7,140-7,370/mt ex-works in the Turkish domestic market on Monday. Icdas decreased its local rebar prices by TRY40/mt to TRY7,440/mt ex-works Biga and TRY7,520/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY8.74)