The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $3.67/mt to $289.67/mt cfr on Monday amid anticipation of new deals.
Demand for imported ferrous scrap is strong in the Turkish market, and some mills are checking offers from the beginning of the week. They plan to continue purchases from the USA and the Baltic region at $286-287/mt cfr for HMS 1&2 (80:20), but suppliers are aiming for $290/mt cfr and higher in the hope of achieving those prices this week.
Five transactions from last week were reported in Turkey on Monday. A sale from the USA at an average price of $294/mt cfr for 15,000-17,000mt of HMS 1&2 (95:5) and 8,000-10,000mt of shredded scrap to an Iskenderun-based mill was done on Oct 16. Four more deals were circulating in the Turkish market, but they were done before the sale from the USA, according to market participants.
Thus, another USA exporter reached an agreement with a Karadeniz-based mill at $291/mt cfr for shredded scrap and at $296/mt cfr for P&S 5ft on Oct 13. A scrap collector from the Baltic region signed a contract with an Izmir-based mill at $286/mt cfr for 28,000mt of HMS 1&2 (80:20) and at $296/mt cfr for 7,000mt of bonus material, while a supplier from the Netherlands sold HMS 1&2 (80:20) and bonus scrap at an average price of $283/mt cfr to an Iskenderun-based mill. Exact dates of both deals were not disclosed at the time of publication.
One more booking was heard from the UK at $289.50/mt cfr Izmir for 35,000mt of shredded scrap.
The daily domestic spot rebar prices in Turkey declined by TRY10-30/mt ($1-4/mt) to TRY4,080-4,160/mt ex-works, including 18pc VAT, on Monday amid slow trading. The daily exported rebar prices were unchanged at $445-450/mt fob as negotiations continued.
($1 = TRY7.91)