The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $506.97/mt cfr on Monday due to a lack of bookings.
Negotiations were slow today even though Turkish mills are yet to complete their ferrous scrap purchases for July shipment. Buyers hope to find some cargoes from the USA and the Baltic region for HMS 1&2 (80:20) at $500-505/mt cfr, while sellers are targeting above $505/mt cfr.
Trading is sluggish in the Azov-Black Sea basin as well since Turkish mills are focusing on purchases of cargoes with shredded scrap content.
Spot rebar prices in the Turkish domestic market were unchanged at TRY7,150-7,250/mt ex-works on Monday. Icdas raised its local rebar prices by TRY60/mt to TRY7,200/mt ex-works Biga and TRY7,280/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY8.41)