The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.78/mt to $255.78/mt cfr on Monday.
Demand for ferrous scrap persists in the Turkish market with several mills asking for offers early in the week though most suppliers in the USA, Baltic region, and Europe were closed due to the Easter holiday. However, negotiations are expected to revive on Tuesday. Market participants expect exporters to target at least $260/mt cfr and higher for HMS 1&2 (80:20) as scrap availability remains limited.
A sale from the Baltic region, which concluded on April 9, was reported on Monday. A supplier from Latvia reached an agreement with a Marmara-based mill for HMS 1&2 (80:20) at $255/mt cfr and for bonus scrap at $265/mt cfr. The 35,000mt-cargo is due to be shipped in April, Davis Index learnt.
Some Turkish steelmakers are looking for short sea cargoes, but sellers from the Azov-Black Sea basin prefer to wait in anticipation of a further price increase.
Local rebar spot prices were unchanged at TRY3,220-3,270/mt ex-works, including 18pc VAT, on Monday. Export rebar prices also held at $410-420/mt fob.
Bastug Metalurji raised local rebar prices by TRY70/mt ($10/mt) to TRY3,320/mt ex-works, including 18pc VAT.
($1 = TRY6.77)