The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) jumped by $15.82/mt to $399.69/mt cfr on Thursday amid scarce supply and strong demand.
Many Turkish mills are looking for ferrous scrap cargoes, but most sellers prefer to wait until next week before making an offer in anticipation of prices reaching $420/mt cfr for US and Baltic-origin HMS 1&2 (80:20). A US-based exporter was heard to have received a bid from a Turkish mill at $400/mt cfr for HMS 1&2 (80:20) but refused to sell.
In the meantime, new transactions were fixed in the Azov-Black Sea basin. Thus, some deals for A3 material from Russia (Rostov-on-Don) were closed at $395-400/mt cfr Turkey.
A Belgian recycler was heard to have reached an agreement with a Karadeniz-based mill at an average price of $397.50/mt cfr for a mixed composition cargo, but further details were not available at the time of publication.
At alternative outlets, a Bangladesh mill booked a bulk cargo from Australia at $425/mt cfr for shredded scrap, $430/mt cfr for P&S 5ft, and $410/mt cfr for heavy melt. The deal raised Asian bulk prices by $25-30/mt from the last booking levels.
Turkish domestic steel product sales remain buoyant. As a result, the daily spot rebar prices jumped again by TRY100-110/mt ($13-14/mt) to TRY5,280-5,330/mt ex-works, including 18pc VAT, on Thursday. Icdas raised its local rebar price by TRY150/mt ($19/mt) to TRY5,340/mt ex-works, including 18pc VAT. The daily exported rebar prices in Turkey increased by $10/mt to $560-565/mt fob.
New billet sales were heard in the Iskenderun region at around $560/mt ex-works on Thursday compared with $550/mt ex-works on Wednesday.
($1 = TRY7.88)