The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $8.20/mt to $453/mt cfr on Wednesday as buoyant steel product sales at higher prices fueled scrap demand.
Offers from US-based suppliers jumped to $460-470/mt cfr on Wednesday after a sale from the USA to Turkey was reported at $447/mt for HMS 1&2 (80:20), which was done earlier this week. However, these offers are limited since most recyclers anticipate prices to reach 480/mt cfr by the beginning of March.
Strong scrap demand in Turkey has been spurred by buoyant rebar exports at higher prices. Some producers are still looking for scrap cargoes for March, while most of the mills require material for April shipment. According to market participants, Turkish producers are expected to purchase 45-50 cargoes for April shipment.
A US supplier was heard to have closed a deal at $455-457/mt cfr Turkey for HMS 1&2 (80:20) on Wednesday, but further details of the transaction were not available at the time of publication. A deal for HMS 1&2 (80:20) at $450/mt cfr between an Iskenderun mill and a Baltic exporter was also heard.
The daily exported rebar prices in Turkey increased by $5/mt to $635-640/mt fob on Wednesday with some deals within the range to North and South America. Thus, an Izmir-based mill was heard to have sold around 100,000mt of rebar recently.
The daily domestic spot rebar prices in Turkey jumped by TRY150/mt ($21/mt) to TRY5,350-5,380/mt ex-works, including 18pc VAT, on Wednesday in a busy market.
Icdas raised its local rebar prices by TRY120/mt and opened sales in Biga at TRY5,350/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,430/mt ex-works, including 18pc VAT. Bastug Metalurji increased its rebar price by TRY130/mt to TRY5,380/mt ex-works, including 18pc VAT.
($1=TRY7.18)