The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.83/mt to $398.33/mt cfr on Tuesday after buying activity increased.
Demand for ferrous scrap improved in Turkey after rebar sales revived. Mills from Marmara, Izmir, and Iskenderun were looking for HMS 1&2 (80:20) at below $400/mt cfr, but US and Baltic suppliers were targeting no lower than $410/mt cfr.
Active negotiations resulted in some transactions on Tuesday. A Marmara-based mill closed a deal with an exporter from the EU and while the transaction’s full details were not available at the time of publication, Davis Index was informed that HMS 1&2 (80:20) changed hands at $395/mt cfr. An Iskenderun-based mill was heard to have booked 18,000mt of HMS 1&2 (95:5) from Russia (Murmansk) at $399.50/mt cfr.
In the domestic market Turkish mills raised purchase prices for shipbreaking scrap by $5/mt to $375/mt delivered over a day.
The daily domestic spot rebar price in Turkey increased by TRY30/mt ($4/mt) to TRY4,910-4,930/mt ex-works, including 18pc VAT, on Tuesday as trading revived. However, the daily exported rebar prices remained unchanged at $595-600/mt fob.
($1=TRY7.08)