The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.19/mt to $502.50/mt cfr on Tuesday in anticipation of buyers returning to the market.
Imported ferrous scrap trading is expected to revive after mills began to actively check offers for their July shipment requirements. Bids for US and Baltic-origin HMS 1&2 (80:20) were reported at around $500/mt cfr or lower, but most suppliers rejected those bids amid firm domestic markets. Sellers are targeting $5-10/mt higher on average with the top range heard at $20/mt above current bids.
Some Turkish mills were looking for short-sea cargoes on Tuesday, but most exporters from the Azov-Black Sea basin preferred to hold off negotiations, anticipating higher bids.
Spot rebar prices in the Turkish domestic market declined by TRY30/mt to TRY7,020-7,100/mt ex-works, including 18pc VAT, on Tuesday, while exported rebar prices remained unchanged at $770/mt fob.
($1 = TRY8.51)