The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $4.28/mt to $295.53/mt cfr on Wednesday after three new deals were reported.
Turkish mills resumed ferrous scrap bookings and accepted higher prices. In one deal, an Iskenderun-based mill purchased 19,000mt of HMS 1&2 (80:20) at $299/mt cfr, 5,000mt of shredded scrap at $304/mt cfr, and 6,000mt of P&S 5ft at $309/mt cfr from the USA. The cargo is due to be shipped in September.
Another Iskenderun-based steelmaker bought 18,500mt of HMS 1&2 (80:20) at $287.25/mt cfr from the UK for September shipment. The same mill also reached an agreement with a Belgian supplier at an average price of $294/mt cfr for a mixed composition cargo, consisting of 25,000mt of HMS 1&2 (75:25), 10,000mt of shredded scrap, 5,000mt of HMS 1 and P&S 5ft, and 5,000mt of new cuttings.
Exporters from the USA and the Baltic region have raised offers to $300-305/mt cfr for HMS 1&2 (80:20) in several ongoing negotiations in the Turkish ferrous scrap market.
Rebar sales revive
Daily domestic rebar spot prices in Turkey rose by TRY70/mt ($9/mt) to TRY3,950-3,970/mt ex-works, including 18pc VAT, on Wednesday amid active trading. Icdas decided to raise its local rebar prices by TRY50/mt ($7/mt) to TRY4,000/mt ex-works, including VAT.
Exported rebar prices in Turkey increased by $5-10/mt to $450/mt fob on Wednesday with a few mills starting to target $460/mt fob. Some rebar cargoes from Turkey were heard to have been sold to Asia at $440-443/mt fob recently.
($1 = TRY7.39)