The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.90/mt to $286.90/mt cfr on Wednesday after a new sale was reported.
An Iskenderun-based mill purchased 17,000mt of HMS 1&2 (80:20) at $287/mt cfr, 7,000mt of shredded scrap at $292/mt cfr, and 6,000mt of bonus material at $297/mt cfr from the USA on Oct 13. The cargo is due to be shipped in the first half of November, Davis Index learned.
Mills in Marmara, Izmir, and Iskenderun are actively looking for cargoes, resulting in keen negotiations in the Turkish ferrous scrap market. Bids are being heard at around $285/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while suppliers insist on offers at $290/mt cfr for the grade. Bids for European-origin HMS 1&2 (80:20) are heard at around $280/mt cfr, but exporters from that region are also targeting higher rates.
Demand for scrap has improved in Turkey after sales of significant rebar volumes, especially in the export market.
New rebar sales reported
Trading is active in the Turkish export rebar market. A sale of 30,000mt of longs was heard to the USA at $565/mt theoretical weight, duty paid. Besides, Turkish mills sold more than 100,000mt of rebar to Latin America (Brazil, Peru, Panama, Colombia, etc.). According to market sources, prices varied in the range of $440-450/mt fob.
Some Turkish mills are negotiating with Asian rebar importers as demand is solid there. Turkish mills are trying to achieve higher prices, targeting no lower than $450/mt fob at present.
The daily domestic spot rebar prices in Turkey increased by TRY10-20/mt ($1-2.50/mt) to TRY4,120-4,170/mt ex-works, including 18pc VAT, on Wednesday. Icdas raised its local rebar prices by TRY20/mt ($2.50/mt) to TRY4,220/mt ex-works, including 18pc VAT.
($1 = TRY7.91)