The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $7/mt to $464.50/mt cfr on Wednesday amid scarce offers at higher prices.
Several Turkish mills were looking for HMS 1&2 (80:20) from the USA and the Baltic region at below $460/mt cfr. However, they failed to find any cargo at those rates by the middle of the week as suppliers awaited higher bids and announced offers at a minimum of $470/mt cfr. Some exporters believe that Turkish importers should accept $455-460/mt cfr for European-origin HMS 1&2 (80:20).
Turkish mills have continued securing material from the domestic market in the absence of imported scrap bookings. Thus, mills increased their purchase prices for shipbreaking scrap by $10/mt over a day to $445/mt delivered.
The daily domestic spot rebar prices in Turkey were flat at TRY5,540-5,570/mt ex-works on Wednesday. Icdas decreased its local rebar prices by TRY20/mt ($3/mt) and opened sales in Biga at TRY5,530/mt ex-works and at TRY5,610/mt ex-works in Istanbul. Bastug Metalurji raised its rebar price by TRY150/mt ($20/mt) to TRY5,600/mt ex-works, including 18pc VAT. All domestic prices include 18pc VAT.
Kardemir opened rebar sales at TRY5,524.76/mt ex-works, including 18pc VAT on Wednesday, and sold 35,000-40,000mt of the steel product, according to market participants.
The daily exported rebar prices in Turkey were unchanged at $640-645/mt fob on Wednesday.
($1=TRY7.44)