The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $3.89/mt to $413.75/mt cfr on Monday as suppliers targeted higher prices.
Turkish mills are expected to continue ferrous scrap purchases this week as they require cargoes for March and April shipment. As a result, sellers plan to achieve further price increases. US and Baltic exporters, particularly, are targeting $420/mt cfr for HMS 1&2 (80:20).
Scrap suppliers are bullish on active buying at alternative outlets including Egypt and Saudi Arabia.
The daily domestic spot rebar prices in Turkey were unchanged at TRY5,020-5,070/mt ex-works, including 18pc VAT, on Monday, while the daily exported rebar prices continued to vary in the range of $600-605/mt fob.
Icdas increased its local rebar prices by TRY10/mt ($1/mt) and opened sales in Biga at TRY5,040/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,120/mt ex-works, including 18pc VAT.