The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.58/mt to $282.92/mt cfr on Friday after a new sale was reported.

 

Turkish mills achieved further price decreases for ferrous scrap and continued booking cargoes. A Marmara-based mill purchased 38,000mt of HMS 1&2 (80:20) at $283/mt cfr and 2,000mt of P&S 5ft at $293/mt cfr from a US supplier.

 

More deals are expected over the next week as several mills are actively looking for deep-sea cargoes. Bids were heard at around $280/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region.

 

Some transactions were also fixed for short-sea cargoes recently. Thus, Romanian-origin HMS 1&2 (80:20) was sold at $270-271/mt cfr Turkey. Moreover, a cargo of the same material was traded to Greece at $275/mt cfr.

 

Two bookings from the UK, done earlier, were reported in the Turkish market on Friday. In one transaction an Iskenderun-based mill bought a 40,000mt cargo, including 10k of shredded scrap at $290/mt cfr, 5,000mt of bonus material at $295/mt cfr, and the balance of HMS 1&2 (80:20) at $285/mt cfr on Oct 5. Another exporter reached an agreement with the same buyer at $280/mt cfr for 22,000mt of HMS 1&2 (80:20) last week.

 

Rebar trading remained sluggish in the Turkish market. As a result, the daily domestic spot rebar prices were unchanged at TRY4,110-4,150/mt ex-works, including 18pc VAT, on Friday, while the daily exported rebar prices moved to $445-450/mt fob versus $450/mt fob earlier.

 

($1 = TRY7.86)

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