The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.90/mt to $294/mt cfr on Friday as sellers remained firm on their price expectations.
The Turkish ferrous market was quiet as buyers are yet to resume negotiations after the Republic Day holiday on Oct 29. However, suppliers of the material believe that Turkish mills, who require cargoes for December shipment, will continue purchases next week. Sellers expect deals at around $295/mt cfr for HMS 1&2 (80:20) or higher from the USA and the Baltic region.
In the meantime, some more transactions from the beginning of the week were disclosed in Turkey. An Iskenderun-based mill bought shredded scrap at $300/mt cfr and bonus material at $305/mt cfr from a US supplier. The cargo is due to be shipped in December. A Marmara-based mill was heard to have purchased HMS 1&2 (80:20) at $293/mt cfr from a Finnish exporter, but further details of the contract were not available.
The daily spot rebar prices in Turkey surged by TRY90-130/mt ($11-16/mt) to TRY4,420-4,550/mt ex-works on Friday amid a notable and permanent devaluation of the Turkish lira against the US dollar. Icdas raised its local rebar prices by TRY90/mt ($11/mt) to TRY4,520/mt ex-works, while Bastug Metalurji increased them by TRY250/mt ($30/mt) to TRY4,470/mt ex-works. All domestic prices include 18pc VAT.
The daily exported rebar prices in Turkey moved to the range of $450-460/mt fob on Friday from $450-455/mt fob earlier as most mills decided to raise offers.
($1 = TRY8.38)