The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $397.50/mt cfr on Monday in a quiet market.
Buyers and sellers stepped back at the beginning of the week to evaluate their trading prospects in the Turkish ferrous scrap market. Davis Index estimates that scrap bookings totaled around 150,000mt last week.
According to market participants, Turkish steelmakers still require 10-15 deep-sea cargoes for March shipment but may remain silent till the middle of this week.
Turkey’s daily domestic spot rebar prices climbed by TRY10/mt ($1/mt) from the lower end of the previous range to TRY4,880-4,900/mt ex-works, including 18pc VAT, on Monday, but sales were slow. Icdas decreased its local rebar prices by TRY120/mt ($17/mt) and opened sales in Biga at TRY4,880/mt ex-works, including 18pc VAT, and in Istanbul at TRY4,940/mt ex-works, including 18pc VAT.
The daily export rebar price in Turkey moved down to $595-600/mt fob on Monday versus $600/mt fob on Friday due to lack of sales.