The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.78/mt to $461.94/mt cfr on Monday as buyers resisted higher prices.
Turkish mills are anticipated to continue ferrous scrap purchases after they booked 10-15 deep-sea cargoes last week. Prices for HMS 1&2 (80:20) from the USA and the Baltic region varied in the range of $461-$465/mt cfr depending on cargo composition (content of shredded scrap and prime grades).
Turkish mills were resisting higher prices at the beginning of this week following slow rebar sales, but better demand for scrap may prevent prices from decreasing further as well.
Active negotiations for September shipment cargoes are expected to resume soon in the Turkish imported scrap market.
Spot rebar prices in the Turkish domestic market increased by TRY50/mt from the lower end of the previous range to TRY7,000-7,130/mt ex-works on Monday. Icdas decreased its local rebar prices by TRY60/mt to TRY7,140/mt ex-works Biga and TRY7,220/mt ex-works Istanbul. All these prices include 18pc VAT.