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) rose by $3.30/mt to $278.45/mt cfr on Thursday amid a flurry of deals.


Sellers achieved higher prices as demand for imported ferrous scrap remained high in the Turkish market and mills looked to close deals ahead of Kurban Bayrami holiday. 


Four transactions for deep-sea cargoes were reportedly concluded on Thursday. In one deal, an Iskenderun-based integrated steel mill bought 23,000mt of HMS 1&2 (80:20) at $279/mt cfr from Denmark for August shipment. In another transaction, an Izmir-based mill purchased HMS 1&2 (80:20) at $277.50/mt cfr and bonus scrap at $287.50/mt cfr from Lithuania.


An exporter from Germany sold 16,000mt of HMS 1&2 (80:20) at $275/mt cfr, 3,000mt of shredded scrap at $280/mt cfr and 6,000mt of bonus material at $285/mt cfr to an Iskenderun-based mill for September shipment, while a supplier from northern Russia (Arkhangelsk) sold HMS 1&2 (95:5) at $282.50/mt to a Karadeniz-based integrated steel mill for September shipment.


Some transactions were also fixed for short-sea cargoes in the Azov-Black Sea basin. Romanian HMS 1&2 (80:20), particularly, changed hands at $260-265/mt cfr Turkey recently.


On July 29, an Izmir-based mill reached an agreement with an US exporter at $276.50/mt cfr for 20,000mt of HMS 1&2 (80:20), at $281.50/mt cfr for 15,000mt of shredded scrap and at $286.50/mt cfr for 5,000mt of bonus material. The cargo is due to be shipped in the second half of September.


According to market participants, around five more deals were closed in the Turkish scrap market on Wednesday and Thursday, but their volumes or prices were not disclosed.


Local billet sales revive

Billet sales rebounded in the Turkish domestic market with some transactions fixed at $410/mt ex-works across the country early in the week. Deal prices reached $415-418/mt ex-works in Iskenderun on Wednesday-Thursday. Steel semis prices varied in the range of $405-410/mt ex-works a week ago.


Daily domestic rebar spot prices were unchanged at TRY3,550-3,600/mt ex-works, including 18pc VAT, on Thursday ahead of the holiday in Turkey. The rebar market was quite busy during the week too.


Exported rebar prices moved to $435/mt fob versus $430-435/mt fob a day ago.


($1 = TRY6.99)

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