Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.67/mt to $480.61/mt cfr on Friday on fresh bookings from the USA and Europe.


Active negotiations resulted in a bunch of new deals. A Marmara-based mill purchased HMS 1&2 (80:20) at $481/mt cfr from the USA, however, further details of the transaction were not available at the time of publication.


An Izmir-based mill reached an agreement with a Dutch supplier at $471.50/mt cfr for HMS 1&2 (75:25) and at $486.50/mt cfr for bonus material. The cargo is due to be shipped in February.


Another Turkish mill bought HMS 1&2 (80:20) at $472/mt cfr from a second Dutch exporter, but the cargo composition was not disclosed. According to market participants, the seller signed a similar contract with another mill, but this information was not confirmed at the time of publication. Both cargoes are scheduled for shipment in the second half of February.


An Iskenderun-based mill was heard to have purchased HMS 1&2 (75:25) from the Netherlands at $476/mt cfr. Some market participants believe that the price was closer to $473/mt cfr.


Most US and Baltic recyclers have now targeted $485-490/mt cfr for HMS 1&2 (80:20), but Turkish importers are trying to avoid prices at above $480/mt cfr. Turkish steelmakers have raised rebar prices and are focused on product sales, with the market now waiting for Russia to return from holiday next week and announce its next price levels for metallics and finished steel products.


Daily domestic spot rebar prices in Turkey jumped by TRY120-130/mt ($16-18/mt) to TRY5,600-5,700/mt ex-works, including 18pc VAT, on Friday. Icdas raised its local rebar price by TRY30/mt ($4/mt) to TRY5,590/mt ex-works, including 18pc VAT.


Daily exported rebar prices moved to $640-650/mt fob on Friday versus $640-645/mt fob on Thursday.


($1 = TRY7.37)

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