The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $3.75/mt to $417.50/mt cfr on Wednesday as scrap suppliers targeted higher prices because of improving rebar sales.
Turkish mills continue searching for scrap offers and raised their bids to $415-420/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while most exporters held off, anticipating prices to move to $430-450/mt cfr, considering Turkish rebar sales are being reported at around $620/mt fob.
A Marmara-based mill, however, succeeded in closing a deal with an exporter from the USA and while the transaction’s full details were not available at the time of publication, Davis Index was informed that HMS 1&2 (80:20) changed hands at $418/mt cfr and the cargo is due to be shipped in the first half of March.
In the domestic market Turkish mills increased purchase prices for shipbreaking scrap by $5/mt to $390/mt delivered over a day.
The daily exported rebar prices in Turkey rose to $615-625/mt fob on Wednesday from $610-625/mt fob on Tuesday. Some sales within the range were heard to Yemen and Israel.
The daily domestic spot rebar price in Turkey climbed by TRY20/mt ($3/mt) to TRY5,020-5,050/mt ex-works, including 18pc VAT, on Wednesday. Icdas raised its local rebar prices by TRY30/mt and opened sales in Biga at TRY5,070/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,150/mt ex-works, including 18pc VAT.
Kardemir opened rebar sales at TRY4,985.50/mt ex-works, including 18pc VAT on Wednesday, and sold 47,000mt of the steel product. The mill also announced 150×150 billet prices at TRY4,702.30/mt ex-works, including 18pc VAT for S235JR grade, and at TRY4,743.60/mt ex-works, including 18pc VAT for the S420-B420 grade. According to market participants, Kardemir sold 93,000mt of billet during the day amid strong demand and closed sales.
($1=TRY6.99)