The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $294/mt cfr on Monday in a quiet market.
The business was slow in the Turkish imported ferrous scrap market early in November as buyers and sellers are well booked for this month and preferred instead, to evaluate the market before making their next move. As a result, neither firm bids nor offers for scrap were reported on Monday.
The most recent transactions in Turkey were fixed at $292-295/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region at the beginning of last week. Negotiations for December shipment cargoes are expected to start later this week.
The daily spot rebar prices in Turkey rose by TRY30-40/mt ($4-5/mt) to TRY4,460-4,580/mt ex-works on Monday amid severe currency fluctuations. Icdas increased its local rebar prices by TRY40/mt ($5/mt) to TRY4,560/mt ex-works, while Bastug Metalurji raised them by TRY30/mt ($4/mt) to TRY4,500/mt ex-works. All domestic prices include 18pc VAT.
The daily exported rebar prices in Turkey remained flat at $450-460/mt fob on Monday.
($1 = TRY8.41)