The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $3.10/mt at $420.65/mt cfr on Monday as buyers chose to wait out a market that is attempting to establish a new price level.
Turkish mills showed no interest in ferrous scrap bookings today after securing at least 250,000mt last week from Baltic and European ports. Suppliers have begun a push for higher pricing citing limited cargo availability for June shipments, while mills feel there is enough scrap on offer and that some suppliers may need to book sales soon to preserve cash flow. This has led to mixed opinions on the next price level.
Daily domestic spot rebar prices in Turkey increased by TRY20-50/mt ($2-6/mt) to TRY5,850-5,950/mt ex-works on Monday. Icdas raised its local rebar prices by TRY110/mt to TRY5,990/mt ex-works Biga and TRY6,070/mt ex-works Istanbul, while Bastug Metalurji lifted it by TRY40/mt to TRY5,990/mt ex-works. All domestic prices include 18pc VAT.
($1=TRY8.09)