The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $5.67/mt to $404/mt cfr on Wednesday as sellers raised offers after buyers became active.
Some deals are expected soon as negotiations revived in the Turkish imported ferrous scrap market. Mills are trying to find HMS 1&2 (80:20) from the USA and the Baltic region at around $400/mt cfr. However, suppliers are targeting a minimum of $410/mt cfr after turning bullish on improving demand from Turkey and alternative outlets.
A sale from Venezuela to an Iskenderun-based mill was reported at $393/mt cfr for 22,000-25,000mt of HMS 1&2 (80:20) on Wednesday, but most market participants believe that there are no more cargoes available at that price.
A small transaction was also fixed in the Azov-Black Sea basin, where an exporter from Bulgaria sold HMS 1&2 (80:20) at $387/mt cfr and bonus material at $397/mt cfr to a Karadeniz-based mill.
Rebar trading continues recovering in the Turkish domestic market because of which, the daily spot prices increased by TRY20-30/mt ($3-4/mt) to TRY4,940-4,950/mt ex-works, including 18pc VAT, on Wednesday. Icdas raised its local rebar prices by TRY80/mt ($11/mt) and opened sales in Biga at TRY4,960/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,020/mt ex-works, including 18pc VAT.
The daily export rebar prices in Turkey remained flat at $595-600/mt fob on Wednesday.