The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was virtually unchanged at $499.52/mt cfr on Tuesday, despite a sale from the UK.
A Marmara-based mill purchased a mixed composition cargo from the UK at an average price of $505.50/mt cfr to be shipped by the end of July or the first half of August. The 45,000mt-cargo will consist of at least 35pc shredded scrap and bonus material (in equal parts) with HMS 1&2 (80:20) making up the balance.
Buying activity is expected to accelerate in Turkey in the near term as most mills require scrap for August shipments. Suppliers began receiving more inquiries and offers from the USA and the Baltic region rose to $505-510/mt cfr for HMS 1&2 (80:20).
Spot rebar prices in the Turkish domestic market remained unchanged at TRY7,140-7,370/mt ex-works, including 18pc VAT, on Tuesday.