The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.13/mt to $360.83/mt cfr on Wednesday as most sellers refused bids below $360/mt cfr for premium quality material amid its limited availability.
Negotiations livened up in the Turkish imported ferrous scrap market in the middle of the week and some deals with US suppliers are expected in the range of $360-365/mt cfr for HMS 1&2 (80:20). Some market participants doubt that Turkish mills can find many cargoes at $360/mt cfr HMS 1&2 (80:20) as most US exporters are targeting close to $365/mt cfr.
A booking of a cargo from the Baltic region was heard at an average price of $365/mt cfr Turkey, but more details of the transaction were not available at the time of publication.
Turkey’s daily domestic spot rebar prices declined by TRY10-30/mt ($1-4/mt) to TRY4,890-4,970/mt ex-works, including 18pc VAT, on Wednesday. Icdas decreased its local rebar prices by TRY50/mt ($6/mt) to TRY4,950/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey remained unchanged at $520-530/mt fob on Wednesday.
($1 = TRY7.87)