The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) ticked up by $0.12/mt to $285/mt cfr on Tuesday as negotiations progressed.
Buying activity increased in the Turkish ferrous scrap as several mills are looking for cargoes and checking available offers. In this situation, suppliers are trying to achieve higher prices, targeting $290/mt cfr for US and Baltic-origin HMS 1&2 (80:20).
A fresh transaction was fixed in the Azov-Black Sea basin on Tuesday, with an exporter from Russia’s Rostov-on-Don region selling a cargo of HMS 1&2 (80:20) at $285/mt cfr Turkey.
More bookings are expected soon as negotiations are underway in the Turkish scrap market at present.
Export rebar market recovers
The daily exported rebar prices in Turkey were unchanged at $445-450/mt fob, but demand for them revived. Two mills were heard to have sold 50,000-55,000mt of rebar each at $472/mt cfr to Hong Kong recently. Besides, a rebar sale from Turkey to West Africa was also heard at around $445/mt fob. Turkish mills started receiving more inquiries this week and plan to increase prices in upcoming deals.
The daily domestic spot rebar prices in Turkey were flat at TRY4,110-4,150/mt ex-works, including 18pc VAT, on Tuesday as trading continued.
($1 = TRY7.92)