The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged at $425.44/mt cfr on Monday as most markets were closed for Easter holidays.
Last week, the Turkish lira traded below TRY8 to the US dollar raising uncertainty on price direction for ferrous scrap given mills’ concerns about the country’s interest rates after top-level personnel changes were made at its central bank.
Still, negotiations for May cargo shipments are expected to revive on Tuesday as some mills mull ferrous scrap purchases after their rebar sales increased last week.
Turkish mills sold around 300,000mt of rebar to Asia at $620-630/mt fob on an actual-weight basis, and several small cargoes to the Middle East at $630-640/mt fob on an actual-weight basis towards the end of March.
Daily domestic spot rebar prices in Turkey rose by TRY30-50/mt ($4-6/mt) to TRY5,800-5,900/mt ex-works on Monday. Icdas raised its local rebar prices by TRY70/mt to TRY5,970/mt ex-works Biga and TRY6,050/mt ex-works Istanbul. All domestic prices include 18pc VAT.
Asian bulk markets continued to climb higher following a bulk sale into Far East Asia from Australia that placed bulk levels into Vietnam at $451/mt cfr for HMS 1&2 (80:20), up by $6/mt from Friday.