The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $7.06/mt to $368/mt cfr on Friday amid a significant rise in offers.
Some Turkish mills were looking for ferrous scrap cargoes for January and February shipment, but found only a few offers. Some suppliers decided to step back, while others revised offers higher after the most recent deals in Turkey. European exporters have started asking $370/mt cfr for HMS 1&2 (80:20), while US and Baltic suppliers have raised their offers to $375-380/mt cfr for the same material.
On Dec 3, a sale from Latvia was reported at $360/mt cfr for HMS 1&2 (80:20) and at $370/mt cfr for bonus material, along with a sale from Belgium at an average price of $362/mt cfr for a mixed composition cargo. On Friday, no sellers were willing to negotiate even close to these levels.
The daily domestic spot rebar prices in Turkey were unchanged at TRY4,890-4,970/mt ex-works, including 18pc VAT, on Friday, while the daily exported rebar prices in Turkey held in the range of $530-535/mt fob.
($1 = TRY7.82)