The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.57/mt to $206.93/mt cfr on Monday.
Some details from the ferrous scrap sale from the Baltic region to Turkey, done last week, were disclosed on Monday. A Marmara-based mill bought HMS 1&2 (80:20) at $207/mt cfr in this deal.
Mills have either cut or are planning to cut rebar production amid sluggish sales. As a result, buying activity remains low in the Turkish scrap market. Firm bids for scrap are scarce and are being reported at $200/mt cfr for HMS 1&2 (80:20) from the US or Baltic region.
Market participants expect scrap prices to decrease to around $200/mt cfr in Turkey, but suppliers will try to resist accepting prices below that level, because scrap collection has dropped significantly in many countries, and some yards have closed due to the COVID-19 pandemic.
Local rebar spot prices settled at TRY2,860-2,950/mt ex-works, including 18pc VAT, on Monday versus TRY2,880-2,980/mt ex-works, including 18pc VAT, on Friday.
Icdas reduced local rebar prices again, this time by TRY20/mt ($3/mt) to TRY3,000/mt ex-works, including 18pc VAT, in Biga.
Izmir Demir Celik cut its local rebar prices by TRY50/mt ($8/mt) to TRY3,000/mt ex-works, including 18pc VAT.
Export rebar prices declined by $5/mt to $390-395/mt fob on Monday with no sales activity reported. Export billet prices stay unchanged in the range of $345-350/mt fob.
($1 = TRY6.58)