The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $5/mt to $425/mt cfr on Friday as sellers withdrew from negotiations due to unattractive bids.
Some Turkish mills were looking for HMS 1&2 (80:20) from the USA or the Baltic region at $420/mt cfr. However, most exporters refused to negotiate at those levels as they believe scrap prices should reach $430-450/mt cfr, considering the most recent Turkish rebar sales at around $620/mt fob and $620-625/mt ex-works. Recyclers are also bullish on scrap demand from alternative outlets, particularly in the Middle East, Asia, and Latin America.
In the Azov-Black Sea basin, most scrap suppliers were also reluctant to sell to Turkey amid a promising outlook for the next week.
The daily domestic spot rebar prices in Turkey increased by TRY30-70/mt ($4-10/mt) to TRY5,070-5,150/mt ex-works, including 18pc VAT, on Friday due to active trading, while the daily exported rebar prices were flat at $615-625/mt fob as negotiations were in progress with no new deals reported so far.