The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $6.80/mt to $346.30/mt cfr on Wednesday as demand for the material rose after sales of significant tonnages of steel products.
Negotiations revived in the Turkish imported ferrous scrap market amid active rebar and billet trading. Most suppliers remained bullish, including US exporters, who remained firm in their offers at $350/mt cfr for HMS 1&2 (80:20), considering the uptrend in rebar and billet prices.
Turkish mills chose to purchase scrap from alternative outlets before resuming negotiations with US suppliers, and some transactions were reported on Wednesday.
A Karadeniz-based mill booked a cargo of A3 scrap from Russia (Rostov-on-Don) at $346/mt cfr. A Marmara-based mill also closed a deal with a Dutch exporter at an average price of $335/mt cfr for 22,500mt of HMS 1&2 (75:25) and 7,500mt of bonus material.
In another deal, an Iskenderun-based mill was heard to have reached an agreement with a Belgian recycler at an average price of $341/mt cfr for 15,000mt of HMS 1&2 (75:25), 10,000mt of shredded scrap and 5,000mt of bonus material.
Scrap purchases for January shipment are expected to continue in Turkey in coming days.
Robust sales spur steel prices
Turkey’s daily spot rebar prices rose by TRY70-80/mt ($9-10/mt) to TRY4,800-4,860/mt ex-works on Wednesday amid buoyant sales. Icdas raised its local rebar prices by TRY60/mt ($7.50/mt) to TRY4,860/mt ex-works, while Bastug Metalurji increased them by TRY230/mt ($29/mt) to TRY4,860/mt ex-works. All domestic prices include 18pc VAT.
Kardemir opened rebar sales at TRY4,908.80/mt ex-works, including 18pc VAT on Wednesday and sold 39,350mt of the steel product. The mill also announced 150×150 billet prices at TRY4,672.80/mt ex-works, including 18pc VAT for S235JR grade, and at TRY4,714.10/mt ex-works, including 18pc VAT for S420-B420 grade. According to market participants, Kardemir sold 153,500mt of billet in 15 minutes amid strong demand and closed sales.
An Iskenderun-based mill sold billets at $500/mt ex-works and raised offers to $510/mt ex-works.
The daily exported rebar prices in Turkey increased by $5/mt to $510/mt fob on Wednesday, and some mills announced new offers at $520/mt fob.
($1 = TRY7.98)