The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $4.01/mt to $415.89/mt cfr on Thursday as demand returned.
An Iskenderun-based mill booked HMS 1&2 (80:20) at $416/mt cfr, shredded scrap at $421/mt cfr, and P&S 5ft at $426/mt cfr from the USA. The cargo composition was not available at the time of publication.
Turkish buyers returned to the market on Thursday for March shipment orders. Several mills sought offers as buyers look to secure an estimated 20-25 cargoes for March shipment.
Scrap suppliers believe that prices may increase further because most are not ready to sell at current levels. A few deals were booked this week, but price and composition details have not been released to the market.
In the meantime, in the domestic market, Turkish mills decreased purchase prices for shipbreaking scrap by $5/mt to $410/mt delivered over a day.
The daily domestic spot rebar price in Turkey dropped by TRY70-80/mt ($9.50-11/mt) to TRY5,140-5,220/mt ex-works, including 18pc VAT, on Thursday, while the daily exported rebar price remained unchanged at $610/mt fob.
Asian bulk markets also appear to have bottomed out as new bids from mills rose on Thursday after suppliers rejected previous ones. Exporters in Japan and the US confirmed that they have raised offers too. This return of upward momentum could fuel container trade into countries like India, which thinned as buyers feared larger price drops.