The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $1.25/mt to $291.25/mt cfr on Tuesday as sellers insisted on higher prices for the material.
Negotiations resumed in Turkey’s imported ferrous scrap market though no deals have been reported so far. Bids from Turkish mills vary in the range of $285-290/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while suppliers are offering the material at $295-300/mt cfr as most steelmakers require cargoes for October shipment.
US exporters are bullish as scrap prices in the US domestic market could increase by $20-30/gt on all grades during domestic trading this week, due to a healthier demand and continued tight scrap inflows to yards.
A sale from the Baltic region was disclosed today, but it does not reflect market reality anymore since it was concluded last week. A supplier from Scandinavia sold 17,000mt of HMS 1&2 (80:20), 7,000mt of shredded scrap, and 6,000mt of bonus and busheling material at an average price of $292/mt cfr to a Karadeniz-based mill. The cargo is due to be shipped in September, Davis Index learned.
Daily domestic rebar spot prices in Turkey were unchanged at TRY3,880-3,900/mt ex-works, including 18pc VAT, on Tuesday, while exported rebar prices held at $440-445/mt fob. Bastug Metalurji raised its local rebar prices by TRY20/mt ($3/mt) to TRY3,950/mt ex-works, including VAT.
($1 = TRY7.36)