The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained flat at $500.83/mt cfr on Monday as sellers resisted lower bids.
Demand is recovering because Turkish mills require significant tonnages of ferrous scrap for August shipment and cannot delay purchases any longer. Several mills are asking for offers from the beginning of the week, but most sellers stepped back, awaiting for higher bids.
Trading is expected to revive in the Turkish scrap market in the near term following active rebar sales. Spot rebar prices in the Turkish domestic market increased by TRY60-90/mt to TRY7,250-7,450/mt ex-works on Monday. Icdas raised its local rebar prices by TRY100/mt to TRY7,480/mt ex-works Biga and TRY7,560/mt ex-works Istanbul. All domestic prices include 18pc VAT.