The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.02/mt to $271/mt cfr on Friday as suppliers rejected bids at $270/mt cfr.
Several negotiations were reported in the Turkish imported ferrous scrap market as mills looked to book cargoes for August and September shipments. Some mills were ready to buy HMS 1&2 (80:20) from the USA and the Baltic region at $270/mt cfr on Friday, but most suppliers refused to sell at that level with offers moving to $272-275/mt cfr amid strong demand.
A new transaction was fixed in the Azov-Black Sea basin where an exporter from Russia (Rostov-on-Don) sold 3,000mt of A3 scrap at $269/mt cfr to a Karadeniz-based mill.
Considering the current scrap requirements in the domestic market, Turkish mills have raised purchase prices for shipbreaking scrap by $3/mt to $270/mt delivered since Wednesday. As a result, prices for this material increased by $15/mt during the week.
Steel product sales steady
Trading continued in the Turkish rebar domestic market, and daily spot prices were flat TRY3,490-3,520/mt ex-works, including 18pc VAT, on Friday. Izmir Demir Celik raised local rebar prices by TRY20/mt ($3/mt) to TRY3,520/mt ex-works, including 18pc VAT.
Exported rebar prices in Turkey moved to around $430/mt fob versus $425-430/mt fob a day ago. Some mills raised offers to $435-440/mt fob.
Some billet sales were reported in the Turkish domestic market at $405-410/mt ex-works, up by $5/mt from last week.
($1 = TRY6.85)