The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased significantly by $19.6/mt to $239.6/mt cfr on Monday with a fresh sale from Europe.
An Iskenderun-based mill purchased a cargo from a Belgian supplier at an average price of $243/mt cfr. The deal was confirmed to have occurred on April 3, but the cargo’s composition was not disclosed by the time of publication.
Several Turkish mills are looking for deep- and short-sea scrap cargoes, but offers have been scarce because supply is tight and sellers are bullish. Moreover, the latter expect additional price increase in the coming days.
Turkey’s domestic rebar prices have continued rising on considerably lower supply—a result of production cuts and work stoppages—and caused spot prices to increase by TRY80-100/mt ($12-15/mt) across Turkey and settle at TRY3,140-3,200/mt ex-works, including 18pc VAT, on Monday.
Icdas raised local rebar prices by TRY120/mt ($18/mt) to TRY3,200/mt ex-works, including 18pc VAT, in Biga.
The rebar export market remains quiet in Turkey, but prices increased by $5/mt to $295/mt fob.
($1 = TRY6.77)