The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $3.60/mt to $452/mt cfr on Monday amid rising offer prices.
US and Baltic exporters are targeting $455-460/mt cfr for HMS 1&2 (80:20) as Turkish mills have to continue ferrous scrap purchases for June shipment this week despite scarce offers. A robust global steel market is adding to the positive sentiment.
Spot prices for rebar in the Turkish domestic market surged by TRY320-370/mt ($39-45/mt) to TRY6,500-6,600/mt ex-works on Monday.
Icdas increased its local rebar prices by TRY420/mt to TRY6,560/mt ex-works Biga and TRY6,640/mt ex-works Istanbul following a rise in rebar prices to $670/mt fob on some export sales. Bastug Metalurji raised its rebar price by TRY280/mt to TRY6,580/mt ex-works. All domestic prices include 18pc VAT.