The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $6.24/mt to $463.60/mt cfr on Tuesday amid abundant supply and weak demand.
A Marmara-based mill purchased three deep-sea cargoes in one day at lower prices with HMS 1&2 (80:20) from the USA and the Baltic region changing hands at $463-464/mt cfr and shredded scrap and bonus material at $478-479/mt cfr.
Some scrap exporters remain in the market with August shipment cargoes, while most Turkish mills are fully booked for the period. As a result prices are expected to fall further before the market hits a bottom. Scrap availability is expected to outpace demand until September.
The Turkish domestic rebar market is subdued with spot prices trending flat at TRY6,900-7,080/mt ex-works, including 18pc VAT, on Tuesday.
($1=TRY8.41)