The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.50/mt to $419.17/mt cfr on Monday on lower bids.
The Turkish ferrous scrap market was quiet at the beginning of the week. Importers remain inactive and reduced their bids for HMS 1&2 (80:20) from the USA and the Baltic region to $410-415/mt cfr after the Turkish lira weakened sharply against the US dollar.
Most scrap suppliers have decided to withdraw offers to Turkey and look for alternative markets since demand is low.
Turkish mills have continued to drop their purchase prices for domestic shipbreaking scrap, which settled at $400/mt delivered on Monday, down by $10/mt from Friday.
Daily domestic spot rebar prices in Turkey surged by TRY300-310/mt ($38-39/mt) to TRY5,600-5,670/mt ex-works on Monday amid currency fluctuations. Icdas raised its local rebar prices by TRY280/mt to TRY5,790/mt ex-works Biga and TRY5,870/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY7.89)