The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.83/mt to $287.50/mt cfr on Monday as buyers targeted lower prices.
Turkish steelmakers continued to postpone their ferrous scrap imports in anticipation of further drops in prices. Current bids do not exceed $285/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region and $280/mt cfr for the same grade from Europe.
Negotiations were sluggish in the Turkish imported scrap market on Monday. Some short-sea transactions from last week were reported, which included HMS 1&2 (80:20) from Romania changing hands at $270-271/mt cfr Turkey on Friday, down $4/mt from previous deals.
Rebar market still weak
Daily domestic spot rebar prices in Turkey declined by TRY20/mt ($3/mt) from the upper end of the previous range to TRY4,100-4,150/mt ex-works, including 18pc VAT, on Monday. At the same time, Icdas decreased its local rebar prices by TRY90/mt ($12/mt) to TRY4,150/mt ex-works, including 18pc VAT.
The daily exported rebar prices remained unchanged at $450-455/mt fob on Monday.
($1 = TRY7.79)