The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $1.66/mt to $292.96/mt cfr on Monday amid lively trading.
High buying activity in the Turkish imported ferrous scrap market led to negotiations spilling over the weekend and continue as of now. According to Davis Index’s estimates, Turkish steelmakers require around 15 cargoes for shipment in November.
With strong demand in Turkey and lack of time to book November shipments, sellers insist on further price hikes and are now targeting $295/mt cfr as their lowest price for the US and Baltic-origin HMS 1&2 (80:20).
At the end of last week, an Iskenderun-based mill reportedly purchased HMS 1&2 (80:20) at $292.50/mt cfr, shredded scrap at $297.50/mt cfr, and bonus material at $302.50/mt cfr from a Latvian exporter.
Two transactions for material from the UK were also closed. A Karadeniz-based mill bought 17,000mt of HMS 1&2 (80:20) at $285/mt cfr from a supplier, while an Iskenderun-based mill reached an agreement with another seller at the same price for the same grade.
The daily spot rebar prices in Turkey surged by TRY70-100/mt ($9-12/mt) to TRY4,250-4,330/mt ex-works, including 18pc VAT, on Monday amid a notable devaluation of the Turkish lira against the US dollar. Icdas raised its local rebar prices by TRY90/mt ($11/mt) to TRY4,370/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey increased to $450-455/mt fob from $445-455/mt fob.
($1 = TRY8.08)