The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $4.39/mt to $509.39/mt cfr on Wednesday after mills booked three more cargoes ahead of a holiday.
The deals included a purchase of HMS 1&2 (80:20) at $506.50/mt and bonus material at $516.50/mt cfr by an Iskenderun-based mill from St Petersburg on May 18. The cargo is due to be shipped in July. A Marmara-based mill bought HMS 1&2 (80:20) from another St Petersburg supplier at $507/mt cfr and bonus material at $517/mt cfr with the cargo scheduled for July shipment.
An Izmir-based mill bought 25,000mt of HMS 1&2 (80:20) at $500/mt cfr from Venezuela for June shipment.
Some mills in Marmara and Iskenderun continued looking for scrap cargoes despite the national holiday in Turkey, Commemoration of Ataturk, Youth and Sports Day on Wednesday. Bids were heard at $505-510/mt cfr for premium quality material, while offers from the Baltic region rose to $515-520/mt cfr for HMS 1&2 (80:20) and remained at $530-550/mt cfr for the same grade from the USA. Scrap exporters are bullish, due to strong Turkish steel product sales.
Spot rebar prices in the Turkish domestic market were flat at TRY7,300-7,350/mt ex-works, including 18pc VAT, on Wednesday due to the holiday.
($1 = TRY8.39)