The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $513.19/mt cfr on Monday as mills stepped back from purchases.
Turkish mills became quiet after completing their ferrous scrap bookings for June shipment and securing most of their volumes for July. As a result, scrap offers at any level attracted minimum interest from mills on Monday.
Several deep-sea and short-sea deals were reported in the Turkish market but are not representative now since they were finalized last week. A supplier from the UK sold HMS 1&2 (80:20) at $513/mt cfr and shredded scrap at $528/mt cfr to an Iskenderun-based mill late last week, while a Belgian exporter sold 19,000mt of HMS 1&2 (80:20), 11,000mt of shredded scrap, 8,000mt of bonus material and 2,000mt of busheling at an average price of $516/mt cfr to another Iskenderun-based mill.
Turkish mills were active in the short-sea cargo market as well late last week with transactions for HMS 1&2 (90:10) reported at $495/mt cfr Turkey from Ukraine and Russia (Rostov-on-Don) and for HMS 1&2 (80:20) at $490/mt cfr from Italy. A Turkish mill also bought an HMS 1&2 (80:20) cargo from Malta at $483/mt cfr.
Spot rebar prices in the Turkish domestic market increased by TRY20/mt to TRY7,270-7,330/mt ex-works on Monday, despite slow sales. Icdas raised its local rebar prices by TRY10/mt to TRY7,430/mt ex-works Biga and TRY7,510/mt ex-works Istanbul, while Bastug Metalurji lifted them by TRY100/mt to TRY7,600/mt ex-works. All domestic prices include 18pc VAT.
($1 = TRY8.40)