The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged at $420.65/mt cfr on Tuesday on a mixed market outlook.
Offers from the Baltic region and Europe for HMS 1&2 (80:20) rose to $425-430/mt cfr Turkey and $420-425/mt cfr, respectively, in the hopes that the market has reached its bottom and will rebound as availability of cargoes eases. On the other hand, Turkish mills, which may continue scrap purchases this week on new orders for rebar, are bidding at $415-420/mt cfr from the Baltic region and $5/mt lower from Europe for HMS 1&2 (80:20).
New rebar sales from Turkey to Canada and Peru were heard with export prices for the material moving to around $645/mt fob actual weight.
Trading also revived in the Turkish domestic market with the daily spot rebar prices increasing by TRY20-30/mt ($2-4/mt) to TRY5,880-5,970/mt ex-works on Tuesday. Icdas raised its local rebar prices by TRY30/mt to TRY6,020/mt ex-works Biga and TRY6,100/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY8.12)