The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.25/mt to $427.50/mt cfr on Tuesday as buyers stepped back in anticipation of lower prices.
Demand for imported ferrous scrap has declined in Turkey. Several suppliers are looking for buyers for May shipment cargoes, but firm bids are missing. To start negotiations some exporters from the USA and the Baltic region have offered HMS 1&2 (80:20) at around $430/mt cfr, while Turkish mills believe that they can find material at $5-10/mt lower.
Business activity is low in the Azov-Black Sea basin too. Some cargoes are available from Bulgaria and Romania at around $420/mt cfr for HMS 1&2 (80:20), but Turkish mills have shown little interest.
Daily domestic spot rebar prices in Turkey remained flat at TRY5,900-5,970/mt ex-works on Tuesday. Icdas reduced its local rebar prices by TRY35/mt ($4/mt) to TRY5,955/mt ex-works Biga and TRY6,035/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY8.13)