The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.75/mt to $290.25/mt cfr on Wednesday amid higher bids and offers.
Demand for imported ferrous scrap is strong in Turkey as mills sold significant tonnages of rebar to Asia, Latin America, and the Middle East over the last few weeks. Mills were trying to find HMS 1&2 (80:20) from the USA or the Baltic region at $286-287/mt cfr early this week, but faced firm resistance from sellers because of which bids were being heard at $288-289/mt cfr on Wednesday as most of mills require cargoes for November shipment and some requiring shipment immediately.
Suppliers continue to insist on higher prices on buoyant negotiations in the Turkish market. One Baltic exporter was heard offering HMS 1&2 (80:20) at $292/mt cfr, while others target a minimum of $295/mt cfr.
Some scrap bookings are anticipated in Turkey over the next few days.
Turkish mills are currently focused on scrap purchases, making rebar sales are lower priority. As a result, the daily domestic rebar spot prices in Turkey slid by TRY10/mt ($1/mt) from the upper end of the previous range to TRY4,080-4,150/mt ex-works, including 18pc VAT, on Wednesday, while the daily exported rebar prices remained unchanged at $445-450/mt fob with no deals reported.
Icdas decreased its local rebar prices by TRY20/mt ($3/mt) to TRY4,200/mt ex-works, including 18pc VAT.
($1 = TRY7.81)