The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.20/mt to $302.40/mt cfr on Wednesday after four new sales were reported.
Trading remains active in Turkey’s ferrous scrap market. A Karadeniz-based mill purchased 12,000mt of HMS 1&2 (95:5), 12,000mt of shredded scrap and 8,000mt of P&S 5ft from Canada at an average price of $312/mt cfr.
A Marmara-based mill was heard to have bought two cargoes from the USA, paying $301/mt cfr for HMS 1&2 (80:20), $306/mt cfr for shredded scrap and $311/mt cfr for bonus material in both the trades.
An Izmir-based mill closed a deal with a Belgian supplier at an average price of $300/mt cfr for 15,000mt of HMS 1&2 (75:25), 15,000mt of shredded scrap and 10,000mt of bonus material.
Turkish companies have already booked significant tonnages of ferrous scrap, due for shipment in October. However, market participants believe that they still require about 20 cargoes to meet the current demand.
Daily domestic rebar spot prices in Turkey remained constant at TRY4,050-4,080/mt ex-works, including 18pc VAT, on Wednesday, while exported rebar prices increased by $5/mt to $460-465/mt fob.
($1 = TRY7.49)