The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.31/mt to $500.83/mt cfr on Wednesday following fresh bookings from the USA and Russia.
A US-based supplier sold 10,000mt of HMS 1&2 (80:20) at $501/mt cfr, 12,000mt of shredded scrap, and 8,000mt of P&S 5ft at $521/mt cfr for each grade to a Marmara-based mill. A recycler from Russia (Arkhangelsk) sold 14,000mt of HMS 1&2 (95:5) at $504.50/mt cfr to the same mill.
Demand is recovering in Turkey as most mills are yet to purchase scrap cargoes for August shipment. However, they continue to look for HMS 1&2 (80:20) from the USA or the Baltic region at below $500/mt cfr, while exporters are targeting higher levels due to firm domestic markets and a slowdown in collection due to the summer vacations.
Spot rebar prices in the Turkish domestic market continued varying in the range of TRY7,140-7,370/mt ex-works, including 18pc VAT, on Wednesday.
($1=TRY8.70)