The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $6.23/mt to $433.23/mt cfr on Wednesday amid a flurry of sales.
As expected, Turkish mills resumed purchase activity on Tuesday and as demand grew, so did prices. A Karadeniz-based mill booked 13,000mt of HMS 1&2 (80:20), 16,000mt of shredded scrap, and 2,000mt of P&S 5ft from the USA at an average price of $439/mt cfr on Apr 6. The cargo is due to be shipped in the second half of May.
An Iskenderun-based mill booked a Latvian cargo at an average price of $436/mt cfr for 16,000mt of HMS 1&2 (80:20), 8,500mt of shredded scrap, 4,500mt of bonus material, 3,500mt of railroad scrap, and 2,500mt of busheling and new cuttings.
Two Baltic exporters were heard to have sold cargoes at HMS 1&2 (80:20) price levels of around $432/mt cfr.
Details of an older sale from Belgium, that concluded last week, to an Izmir-based mill was also released to the market today. The deal closed at an average price of $433/mt cfr for 20,000mt of HMS 1&2 (80:20), 11,000mt of shredded scrap, 8,000mt of P&S 5ft, and 2,000mt of busheling.
Davis Index estimates that Turkish mills have booked at least six cargoes in the past two days and with several cargoes still left to be booked, US and Baltic recyclers have raised heavy melt offers to a minimum of $440/mt cfr.
Daily domestic spot rebar prices in Turkey increased by TRY40-80/mt ($5-10/mt) to TRY5,880-5,940/mt ex-works on Wednesday. Icdas raised its local rebar prices by TRY10/mt to TRY5,960/mt ex-works Biga and TRY6,040/mt ex-works Istanbul, while Bastug Metalurji opened rebar sales at TRY5,950/mt ex-works. Kardemir also opened rebar sales on Apr 7 and sold around 34,000mt at TRY5,888.20/mt ex-works. All domestic prices include 18pc VAT.
($1=TRY8.16)