The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) jumped by $13.54/mt to $448.40/mt cfr on Friday after a booking from Europe fueled a bullish market sentiment.
An Iskenderun-based mill purchased 20,000mt of HMS 1&2 (80:20), 8,000mt of shredded scrap, 10,000mt of bonus material, and 2,000mt of busheling from a Belgian supplier at an average price of $453/mt cfr today. The cargo is due to be shipped in June.
Scrap demand increased amid limited offers towards the end of the week. A few US and Baltic exporters offered HMS 1&2 (80:20) at $455/mt cfr, but the rest preferred to wait for higher levels as purchases are expected to continue next week.
Turkish mills increased rebar offers to $680/mt fob actual weight in an active market and closed some sales to the Middle East at around $670/mt fob. Mills refused bids that were heard at $650/mt fob actual weight from Asian buyers.
Spot prices for rebar in the Turkish domestic market rose by TRY110-130/mt ($13-16/mt) to TRY6,180-6,230/mt ex-works on Friday as demand strengthened. Icdas increased its local rebar prices by TRY80/mt to TRY6,140/mt ex-works Biga and TRY6,220/mt ex-works Istanbul. Bastug Metalurji opened rebar sales at TRY6,300/mt ex-works. All domestic prices include 18pc VAT.
New transactions were fixed in the domestic Turkish billet market at $615-625/mt ex-works in the Izmir and Iskenderun regions.