The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $4.84/mt to $357.50/mt cfr on Monday on firm offers from the US at $360/mt cfr.
Trading activity slowed down in the Turkish imported ferrous scrap market at the beginning of the week, but mills are expected to make purchases from the USA in the short term since they require cargoes with a significant portion of shredded scrap. Demand for this grade increased considerably as Turkish mills aim to maximize their output to fulfill their orders for steel products.
Some US exporters resumed negotiations with Turkish steelmakers late last week. Although no deals have been reported so far, offers were heard at $360/mt cfr for HMS 1&2 (80:20). Suppliers are inflexible as US domestic scrap prices are expected to rise in December.
The daily domestic spot rebar prices in Turkey increased by TRY50/mt ($6/mt) from the upper end of the previous range to TRY4,850-4,940/mt ex-works, including 18pc VAT, on Monday as trading continued. Icdas raised its local rebar prices by TRY60/mt ($8/mt) to TRY4,920/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey remained flat at $520-525/mt fob on Monday.
($1 = TRY7.79)