The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was flat at $481.25/mt cfr on Tuesday as bookings remained elusive.
Some Turkish mills started to check offers for ferrous scrap before announcing bids, but most suppliers preferred to hold off on negotiations. Exporters anticipate stronger demand from Turkey and higher prices amid limited supply of the material globally and active buyers at alternative outlets. Thus, Turkish mills may find it difficult to find the required tonnages for February shipments.
Most market participants believe that some deals should be closed in the Turkish scrap market in the coming days and they will give clarity on the situation.
The daily domestic spot rebar prices in Turkey remained unchanged at TRY5,500-5,600/mt ex-works, including 18pc VAT, on Tuesday, while the daily exported rebar prices increased by $5/mt to $640-645/mt fob as a sale of 20,000mt from Marmara to Peru was heard within the range at the end of last week.
($1 = TRY7.39)