The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.53/mt to $252.97/mt cfr on Monday as more bookings from last week were heard in the imported ferrous scrap market.
The Turkish ferrous scrap market began the week with active negotiations and some deals are anticipated soon. Buyers are firm and plan to continue purchases at $252-253/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region. According to some market participants, a second cargo from Canada was freshly traded, with no details disclosed so far.
Several bookings from last week were discussed is addition to nine deep-sea cargoes reported earlier. In one transaction, an American supplier was heard to have sold HMS 1&2 (90:10) at $256/mt cfr to a Marmara-based mill.
In another deal an exporter from Russia (St Petersburg) reached an agreement with an Izmir-based mill at $253/mt cfr for HMS 1&2 (80:20) and at $263/mt cfr for bonus material. A Belgian scrap collector also closed a deal at an average price of $253/mt cfr for 22,000mt of HMS 1&2 (75:25), 8,000mt of shredded scrap and 10,000mt of P&S 5ft, HMS 1. The cargo is due to be shipped in the second half of June.
Local rebar prices move up
Daily domestic rebar spot prices climbed by TRY10-30/mt ($1-4/mt) in Istanbul, Izmir, and Iskenderun, but were flat in Karabuk. As a result, the price range settled at TRY3,270-3,350/mt ex-works, including 18pc VAT, on Monday.
Icdas increased local rebar prices by TRY20/mt ($3/mt) to TRY3,310/mt ex-works, including 18pc VAT, while Izmir Demir Celik raised them by TRY10/mt ($1/mt) to TRY3,310/mt ex-works, including 18pc VAT.
Exported rebar and billet prices in the Turkish market were unchanged at $405-415/mt fob and at $375/mt fob, respectively.
($1 = TRY6.81)