The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.11/mt to $485/mt cfr on Monday as the market reopened after the Kurban Bayrami holidays.
Turkish mills began checking offers for imported scrap on Monday and are looking for HMS 1&2 (80:20) from the USA or the Baltic region at around $480/mt cfr and around $470/mt cfr for the same grade from the EU. Only one exporter from the EU was heard to be ready for negotiations at $475/mt cfr for HMS 1&2 (75:25) as most other suppliers preferred to wait and evaluate market conditions before negotiating.
Trading resumed in the Turkish domestic rebar market with spot prices declining by TRY30/mt from the lower end of the previous range to TRY7,200-7,430/mt ex-works, including 18pc VAT, on Monday despite mixed dynamics across different regions. Rebar prices decreased in Iskenderun and Izmir, increased in Karabuk, and remained unchanged in Istanbul.
Icdas raised its local rebar prices by TRY60/mt to TRY7,420/mt ex-works Biga and TRY7,500/mt ex-works Istanbul (prices include 18pc VAT) amid currency fluctuations. The mill intends to keep prices at equivalent to $730/mt ex-works.