The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $11.85/mt to $482.71/mt cfr on Thursday on fresh deals for Baltic-origin material.
Turkish mills’ strong order books have encouraged them to continue ferrous scrap bookings. A Marmara-based mill purchased HMS 1&2 (80:20) at $488/mt cfr, shredded scrap at $498/mt cfr, and bonus material at $498/mt cfr from Sweden. A Latvian supplier sold HMS 1&2 (80:20) at $479/mt cfr and bonus material at $489/mt cfr to the same mill, which also transacted with a Finnish recycler at $480/mt cfr for HMS 1&2 (80:20), $485/mt cfr for shredded scrap and $490/mt cfr for bonus material.
An Estonian exporter closed a deal with an Izmir-based mill at $479/mt cfr for HMS 1&2 (80:20) and $489/mt cfr for bonus scrap.
A Belgian recycler sold 25,000mt of HMS 1&2 (80:20) and 5,000mt of P&S, HMS 1, at an average price of $466/mt cfr to an Iskenderun mill.
A European exporter is offering mixed composition cargo at an average of $495/mt now and US suppliers are bullish preferring to wait to get their target price of $490-500/mt cfr for HMS 1&2 (80:20).
In the Azov-Black Sea basin, some transactions were fixed at around $440/mt cfr for HMS 1&2 (80:20) from Romania on Wednesday, and offers moved up by $20/mt to $460/mt cfr today.
Rebar prices are increasing with every deal due to robust sales that were heard at $700-705/mt fob actual weight to the Middle East and the Far East on Thursday, up $10/mt compared to yesterday. New offers were reported at no lower than $715/mt fob.
Domestic spot rebar prices increased by TRY130/mt to TRY6,780-6,850/mt ex-works on Thursday amid active trading. Icdas lifted its local rebar prices by TRY180/mt to TRY6,880/mt ex-works Biga and TRY6,960/mt ex-works Istanbul, while Bastug Metalurji increased them by TRY300/mt to TRY6,880/mt ex-works. All domestic prices include 18pc VAT.
Some billet sales were heard at $670-675/mt ex-works in the domestic market on Thursday.
($1=TRY8.29)