The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $6.65/mt to $314.79/mt cfr on Thursday, as offers continue to rise.
A slate of US sales to Brazil, Mexico and Peru over the past three weeks has reduced the availability of scrap, with shredded scrap the tightest grade in supply.
European offers jumped to $310/mt cfr Turkey on Friday for heavy melt, with US suppliers socializing ideas of $315-320/mt cfr. This is in response to an overnight increase in rebar export offers which rose by $10/mt cfr to $500/mt fob. Turkish mills have booked over a dozen cargo sales of steel products to Southeast Asia, Latin America and USA at prices of $470-485/mt fob.
A small parcel of Russian heavy melt was booked at $310/mt cfr on Friday. Scrap suppliers are extremely bullish on prices which has led to a freeze in negotiations as buyers have chosen to wait a few days in an attempt to cool sentiment.
Information of a deal from Europe to Turkey was released to the market on Friday at a composite price of $303/mt which many believed was booked at least a week ago.