The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $440/mt cfr on Monday as trading remained on hold.
Negotiations have slowed down on buyer and seller inactivity. However, some deals are expected this week, which will determine whether mills or exporters have the upper hand. Turkish mills are expected to announce bids at $420-430/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while suppliers will try to resist prices below $440/mt cfr.
According to market participants, Turkish steelmakers require 20-25 deep-sea cargoes for March shipment.
In the domestic market Turkish steelmakers have cut purchase prices for shipbreaking scrap by $5/mt to $430/mt delivered since Friday.
The daily domestic spot rebar prices in Turkey declined by TRY20/mt ($3/mt) from the lower end of the previous range to TRY5,300-5,400/mt ex-works, including 18pc VAT, on Monday.
Icdas decreased its local rebar prices by TRY150/mt ($20/mt) and opened sales in Biga at TRY5,520/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,580/mt ex-works, including 18pc VAT. Bastug Metalurji announced rebar prices at TRY5,520/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey remained unchanged at $620/mt fob.