The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.07/mt to $292.89/mt cfr on Tuesday after active negotiations resulted in new transactions.
The Turkish ferrous scrap market witnessed a flurry of bookings with an Iskenderun-based mill purchasing HMS 1&2 (80:20) at $292/mt cfr, shredded scrap at $297/mt cfr, and bonus material at $302/mt cfr from a US supplier on Oct 26. Another Iskenderun-based mill signed a contract at the same prices with a different US seller, though some market participants believe this deal was finalized last week.
Baltic exporters achieved higher prices than their US counterparts. A Latvian supplier sold HMS 1&2 (80:20) at $292.75/mt cfr in a mixed composition cargo to an Izmir-based mill early this week, while a Lithuanian supplier traded HMS 1&2 (80:20) at $294/mt cfr in a mixed composition cargo to a Marmara-based mill.
An exporter from St Petersburg, Russia also reached an agreement with an Iskenderun-based mill for 9,000mt of HMS 1&2 (80:20) at $292.50/mt cfr, 8,000mt of shredded scrap at $297.50/mt cfr, and 4,000mt of bonus material at $302.50/mt cfr.
Turkish mills bought 3-5 more deep-sea cargoes on Tuesday and Oct 26, according to market participants, but further details were not available at the time of publication. They were actively negotiating with exporter from the USA, Russia, and Europe.
A transaction was also reported in the Azov-Black Sea basin with a cargo of A3 material from Russia (Rostov-on-Don) changing hands at $292/mt cfr Karadeniz.
Turkish mills are about to complete their bookings for November shipment, and some have even purchased tonnages for December shipment.
The domestic rebar market in Turkey is still under the influence of rapidly changing exchange rates, so the daily spot price rose by TRY80-90/mt ($10-11/mt) to TRY4,330-4,420/mt ex-works, including 18pc VAT, on Tuesday. Icdas announced a rebar price rise by TRY60/mt ($7/mt) to TRY4,430/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey trended flat at $450-455/mt fob on Tuesday.
($1 = TRY8.18)