The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.48/mt to $299.45/mt cfr on Friday as new deals were reported without significant change in prices.
Three more deals were reported on Friday as buyers remained active in the Turkish ferrous scrap market. An Izmir-based mill purchased HMS 1&2 (80:20) at $300/mt cfr, shredded scrap at $305/mt cfr, and bonus material at $310/mt cfr from the USA. The same producer bought HMS 1&2 (80:20) at $299/mt cfr and bonus scrap at $309/mt from the Baltic region.
In another deal, a Marmara-based mill purchased HMS 1&2 (80:20) at $299/mt cfr, shredded at $304/mt cfr, and bonus material at $309/mt cfr from another Baltic-region exporter.
Sellers are bullish as the business activity has revived in the domestic markets and prices have increased significantly in September. Besides, they believe that demand in Turkey will remain solid for October shipment after active steel product (rebar, billet, and wire rod) sales in late-August – early-September. Offers from the USA and the Baltic region were reported at $305-310/mt cfr for HMS 1&2 (80:20).
Billet sales revive
This week, billet sales were reported in the Turkish domestic and export markets in addition to several rebar and wire rod sales that were reported by Davis Index earlier. A mill was heard to have sold a large cargo of semis (around 40,000mt) to Peru at $426/mt fob. Another mill was rumored to have sold billet to Morocco at $430/mt fob, but the information could not be confirmed by the time of publication.
In the domestic market, billet sales were reported at $432-433/mt ex-works during this week.
Daily domestic rebar spot prices in Turkey were unchanged at TRY3,980-4,020/mt ex-works, including 18pc VAT, on Friday. In the meantime, Icdas chose to raise its local rebar prices again by TRY20/mt ($3/mt) to TRY4,040/mt ex-works, including VAT. In total, the mill increased its prices by TRY120/mt ($16/mt) over a week.
Exported rebar prices in Turkey moved to $455-460/mt fob on Friday compared with $450-460/mt fob on Thursday.
($1 = TRY7.45)