The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.08/mt to $478.75/mt cfr on Thursday as buyers remained inactive.
Demand for imported scrap is minimal in Turkey, worsening the market sentiment. Most Turkish mills are covered for February shipment and have enough time to purchase for March, preferring, therefore, to take a pause and evaluate the market while focusing on selling steel products.
Some scrap suppliers are looking for buyers in Turkey and may provide discounts, while others have decided to step back until demand appears or have switched to selling their volumes to alternative outlets.
The daily domestic spot rebar prices in Turkey decreased by TRY40-50/mt ($5-7/mt) to TRY5,620-5,680/mt ex-works, including 18pc VAT, on Thursday amid currency fluctuations, while the daily exported rebar prices were flat at $650/mt fob.
($1 = TRY7.36)