The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.05/mt to $291.30/mt cfr on Friday after Baltic sellers achieved higher prices.
Trading continued in the Turkish ferrous scrap market with four deep-sea cargoes booked on Oct 22. A Marmara-based mill purchased HMS 1&2 (80:20) at $291/mt cfr, shredded scrap at $296/mt cfr and bonus material at $301/mt cfr from a Swedish supplier.
An Izmir-based steelmaker was heard to have bought two cargoes from the Baltic region. In one deal, a Baltic exporter sold 19,000mt of HMS 1&2 (80:20) at $291.50/mt cfr and 5,500mt of bonus scrap at $301.50/mt cfr, while the second contract was signed with another supplier at the same prices, but the cargo composition was not disclosed at the time of publication. The same mill was heard to purchase a cargo from Europe. Full details of the agreement were not available, but Davis Index was informed that HMS 1&2 (80:20) changed hands at $285-286/mt cfr Izmir.
Negotiations also resulted in deals for short-sea cargoes on Oct 22 when HMS 1&2 (80:20) from Romania was sold at $280-281/mt cfr Turkey.
Turkish mills booked more than 220,000mt of ferrous scrap this week, Davis Index estimates, but they still require tonnages for November shipment. Purchases are expected to continue next week because of which, suppliers will try to achieve a further price increase.
The daily domestic spot rebar prices in Turkey rose by TRY20-60/mt ($2.50-7.50/mt) to TRY4,180-4,230/mt ex-works, including 18pc VAT, on Friday amid currency fluctuations.
The daily exported rebar prices in Turkey moved to the range of $445-455/mt fob from $445-450/mt fob earlier.
($1 = TRY7.97)