The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $9.84/mt to $434.84/mt cfr on Monday after a new booking from the USA was reported.
A Karadeniz-based mill purchased 10,000mt of shredded scrap at $440/mt cfr and 20,000mt of bonus material at $445/mt cfr from a US-based supplier on Feb 20. The cargo is due to be shipped in late-March or early-April.
Active negotiations are progressing in the imported ferrous scrap market as several Turkish mills are looking for cargoes to fulfill their requirements for March and April. Bids were heard at $430-435/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, but exporters have raised their offers to $445-450/mt cfr amid strong demand. Sellers are bullish amid active trading at alternative outlets and a significant increase in freight rates.
Rebar prices on the rise
The daily domestic spot rebar prices in Turkey rose by TRY60-100/mt ($8.50-14/mt) to TRY5,170-5,210/mt ex-works, including 18pc VAT, on Monday in a busy market.
Icdas raised its local rebar prices by TRY80/mt and opened sales in Biga at TRY5,200/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,280/mt ex-works, including 18pc VAT. Bastug Metalurji increased its rebar price by TRY100/mt to TRY5,250/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey moved to $620-625/mt fob on Monday from $615-625/mt fob on Friday as demand persists.
($1=TRY7.05)