The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $413.75/mt cfr on Tuesday as most mills focused on steel product sales.
There were no ferrous scrap bookings though steel product trading revived notably. A billet sale was heard at $575/mt ex-works in Iskenderun.
The daily exported rebar prices in Turkey rose to $610-625/mt fob on Tuesday from $600-605/mt fob on Feb 15. Some deals to Peru and Senegal were recently closed at $620-625/mt fob. According to market participants, Turkish mills are currently negotiating with customers from North and South America and Asia.
With the improvement in steel product sales, Turkish mills are expected to purchase imported ferrous scrap soon. Producers still require around 10 deep-sea cargoes for March shipment and may consider bookings for April shipment. Several mills were asking for cargoes on Tuesday, but most suppliers preferred to wait with offers, anticipating higher prices.
In the domestic market, Turkish mills raised purchase prices for shipbreaking scrap by $10/mt to $385/mt delivered over a week.
The daily domestic spot rebar price in Turkey declined by TRY20-40/mt ($3-6/mt) to TRY5,000-5,030/mt ex-works, including 18pc VAT, on Tuesday.