The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $6.10/mt to $458.10/mt cfr on Tuesday amid strong demand.
New transactions are expected over the next few days as Turkish mills look for ferrous scrap cargoes in an active domestic and export rebar market. Bullish scrap suppliers are targeting $465-470/mt for HMS 1&2 (80:20) from the USA and the Baltic region. In the Azov-Black Sea basin offers moved to $435-440/mt cfr for HMS 1&2 (80:20) from Romania.
Turkish rebar sales were heard at around $680/mt fob to Latin America and Europe this week, while new offers increased to $690-695/mt fob actual weight.
Spot rebar prices in the Turkish domestic market increased by TRY30-50/mt to TRY6,550-6,630/mt ex-works on Tuesday.