The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $502.31/mt cfr on Monday due to lack of deals.
Some Turkish mills are looking for ferrous scrap cargoes early in the week, bidding $495-497/mt cfr for HMS 1&2 (80:20) from the US and Baltic region, while offers are scarce on the Memorial Day holiday in the US. One cargo from the Baltic region is available at $505/mt cfr for HMS 1&2 (80:20), but most suppliers from the region are targeting higher prices.
Spot rebar prices in the Turkish domestic market climbed by TRY10/mt at the upper end of the previous range to TRY7,050-7,130/mt ex-works on Monday. Icdas dropped its local rebar prices by TRY150/mt to TRY7,430/mt ex-works Biga and TRY7,510/mt ex-works Istanbul after increasing them by the same amount on Friday. All domestic prices include 18pc VAT.
($1 = TRY8.49)