The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $4.29/mt to $380/mt cfr on Tuesday amid limited supply of the material and buoyant steel product sales.
Turkish mills are expected to continue ferrous scrap purchases but are hard-pressed to find offers at present. Suppliers from the USA and the Baltic region are currently asking $385/mt cfr for HMS 1&2 (80:20) due to limited scrap availability.
A sale from Lithuania at $370/mt cfr for 14,000mt of HMS 1&2 (80:20) to a Marmara-based mill was reported on Tuesday, but market participants indicate that this level is not workable anymore.
Firm demand for imported scrap in Turkey is attributed to active steel product sales, the prices for which, are rising. Thus, the daily domestic spot rebar prices rose by TRY40-80/mt ($5-10/mt) to TRY5,060-5,120/mt ex-works, including 18pc VAT, on Tuesday.
The daily exported rebar prices in Turkey increased by $5/mt to $545-550/mt fob, and some sales within the range were heard to the Middle East.
Billet trading revived in the Turkish domestic market, and some deals were closed at $535-547/mt ex-works in Izmir and Iskenderun regions. New offers from mills moved to $550/mt ex-works amid limited allocation of semis.
($1 = TRY7.81)