The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $3.12/mt to $317.91/mt cfr on Monday after a sale from the UK was reported.
An Iskenderun-based mill purchased 28,000-33,000mt of HMS 1&2 (80:20) at $318/mt cfr and 5,000-10,000mt of shredded scrap at $323/mt cfr from the UK on Nov 13. The cargo is due to be shipped before Dec 31.
The Turkish imported ferrous scrap market has gained momentum amid strong demand and scarce offers. Turkish mills are actively looking for cargoes since they have full order books for steel products, and scrap exporters are bullish as they have sold significant tonnages at alternative outlets.
Rebar prices rise further
The daily spot rebar prices in Turkey increased by TRY100-120/mt ($13-15.50/mt) to TRY4,450-4,500/mt ex-works, including 18pc VAT, on Monday. Icdas raised its local rebar prices by TRY90/mt ($12/mt) to TRY4,510/mt ex-works, including VAT, in Biga.
The daily exported rebar prices in Turkey went up by $5/mt to $485-490/mt fob on Monday, but some mills increased their offers to $500/mt fob.
Turkey’s billet market is also positive, with current prices varying in the range of $455-460/mt fob. Some sales were heard in the Iskenderun region at $460-463/mt ex-works.
($1 = TRY7.74)