The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.29/mt to $334.47/mt cfr on Friday as bookings are in progress.
Two deals were reported in the Turkish imported ferrous scrap market at the end of the week. An Iskenderun-based mill purchased 35,000mt of shredded scrap at $340/mt cfr from the UK. An Izmir-based mill was heard to buy HMS 1&2 (80:20) at $329.50/mt cfr from a Dutch supplier, but full details of the transaction were not disclosed.
Demand for ferrous scrap remains strong in Turkey amid buoyant steel product sales, prices for which are going up. As a result, US suppliers are bullish, expecting prices for shredded scrap to hit $355-360/mt cfr Turkey soon.
Scrap purchases for December and January shipments are anticipated to continue next week in Turkey.
Turkey’s daily spot rebar prices were flat at TRY4,480-4,520/mt ex-works, including 18pc VAT, on Friday. Icdas decided to decrease its local rebar prices by 70/mt ($9/mt) to TRY4,500/mt ex-works, including VAT.
The daily exported rebar prices in Turkey increased by $5-10/mt to $500-505/mt fob on Friday. According to market participants, there were some sales within the range to the Middle East and Latin America. Most Turkish mills announced new offers for rebar at $510/mt fob.
($1 = TRY7.62)