The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.81/mt to $513.19/mt cfr on Friday amid firm offers and persisting demand.
Negotiations continued in the Turkish ferrous scrap market, but no new deals were confirmed. The gap between bids and offers remains wide with mills bidding around $510/mt cfr for HMS 1&2 (80:20), while offers from the USA and the Baltic region are at $530-550/mt cfr and $520/mt cfr, respectively, amid a dearth of suppliers, especially from the US.
Scrap purchases for June and July shipment are anticipated to continue in Turkey next week as mills have solid orders for steel products.
Spot rebar prices in the Turkish domestic market decreased by TRY40-50/mt to TRY7,250-7,310/mt ex-works on Friday amid slowdown in trading. Icdas kept its prices unchanged at TRY7,420/mt ex-works Biga and TRY7,500/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1 = TRY8.41)