The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $7.09/mt to $325/mt cfr on Tuesday after suppliers raised offers amid limited availability of cargoes.
Some negotiations are underway in the Turkish imported ferrous scrap market with mills seeking material due to buoyant steel product sales but unable to find suppliers. For example, mills are looking for HMS 1&2 (80:20) from the USA or the Baltic region at $320/mt cfr, but exporters are asking $330-332/mt cfr for this material, considering scarce offers.
Suppliers from the Azov-Black Sea basin are also insisting on higher prices due to robust demand for scrap in Turkey. Sellers from Russia (Rostov-on-Don), particularly, are targeting $325-327/mt cfr for A3 material.
Steel product sales active
Turkey’s daily spot rebar prices increased by TRY20-30/mt ($3-4/mt) to TRY4,480-4,520/mt ex-works, including 18pc VAT, on Tuesday. Icdas raised its local rebar prices by TRY60/mt ($8/mt) to TRY4,570/mt ex-works, including VAT, in Biga.
The daily exported rebar prices in Turkey remained in the range of $485-490/mt fob on Tuesday, but mills continued to target $500/mt fob in negotiations.
A new billet sale was reported in the Turkish domestic market. Thus, 5,000mt of rebar grade billet and 5,000mt of wire rod grade billet changed hands at $470/mt ex-works in Iskenderun.
($1 = TRY7.69)