The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $4.65/mt to $250.15/mt cfr on Thursday after several deals were reported.
Buying activity increased in Turkey’s ferrous scrap market and some mills accepted higher prices because they could not postpone bookings for June shipment cargoes any longer. On Thursday, an Izmir-based mill purchased HMS 1&2 (80:20) at $250/mt cfr and bonus material at $260/mt cfr from the Baltic region (Russia). The cargo volume totals around 30,000mt.
On May 20, four deals were closed in Turkey. A supplier from the US sold 20,000mt of HMS 1&2 (95:5) at $254.50/mt cfr, 7,000mt of shredded scrap at $257.50/mt cfr and 3,000mt of P&S 5ft at $262.50/mt cfr to an Iskenderun-based mill.
In another transaction, an exporter from Belgium reached an agreement with another Iskenderun-based mill at an average price of $247.50/mt cfr for 22,500mt of HMS 1&2 (75:25) and 12,500mt of P&S 5ft, HMS 1. The cargo is due to be shipped in the second half of June.
Two transactions were also fixed in the Azov-Black Sea basin where HMS 1&2 (80:20) from Romania changed hands at $237-239/mt cfr Turkey.
More contracts are anticipated as negotiations are currently in progress in Turkey. Buyers are trying to book at around $250/mt cfr for premium quality HMS 1&2 (80:20), while sellers target higher levels.
Local rebar prices rise, export prices flat
Daily domestic rebar spot prices increased by TRY20-50/mt ($3-7/mt) in Turkey and settled at TRY3,210-3,260/mt ex-works, including 18pc VAT, on Thursday. Izmir Demir Celik raised its local rebar prices by TRY50/mt ($7/mt) to TRY3,250/mt ex-works, including 18pc VAT.
Exported rebar and billet prices in Turkey remained flat at $395-400/mt fob and at $370-375/mt fob, respectively.
($1 = TRY6.80)