The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $6.51/mt to $409.38/mt cfr on Monday as buyers tested the market for lower prices.
Negotiations are slow with some mills checking for the availability of US or Baltic-origin HMS 1&2 (80:20) at $400/mt cfr or lower and most suppliers holding off offers until later this week, expecting more buying activity and bids at higher prices.
In the domestic market Turkish mills decreased their purchase prices for shipbreaking scrap again by $5/mt to $400/mt delivered over a day.
The daily domestic spot rebar price in Turkey declined by TRY100-150/mt ($14-21/mt) to TRY4,950-5,050/mt ex-works, including 18pc VAT, on Monday amid the Turkish lira’s revaluation against the US dollar.
Icdas reduced its local rebar prices by TRY190/mt ($26/mt) and opened sales in Biga at TRY5,200/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,260/mt ex-works, including 18pc VAT. Bastug Metalurji followed suit and announced rebar prices at TRY5,200/mt ex-works, including 18pc VAT.
The daily exported rebar price in Turkey moved to $600-610/mt fob on Monday from $610/mt fob on Friday.