The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.92/mt to $250/mt cfr on Thursday.
Some Turkish mills are negotiating for deep-sea ferrous scrap cargoes, but no deals have been confirmed so far as the gap between bids and offers remains wide. Bids are reported at $240-245/mt cfr for HMS 1&2 (80:20) from the USA or the Baltic region, while offers vary from $260/mt cfr to $270/mt cfr.
Trading activity, however, remains high in the Azov-Black Sea basin. A Karadeniz-based mill purchased HMS 1&2 (90:10) from Russia (Rostov-on-Don) at $250/mt cfr, and a Marmara-based mill bought HMS 1&2 (90:10) from Russia (Taganrog) at $251/mt cfr.
A sale from the USA was reported in Turkey. An Iskenderun-based mill purchased 20,000mt of HMS 1&2 (80:20) at $245/mt cfr, 5,000mt of shredded scrap at $250/mt cfr and 5,000mt of bonus material at $255/mt cfr. However, the sale took place on April 7 and doesn’t reflect market reality anymore.
Turkish mills in Izmir region raised purchase prices for domestic shipbreaking scrap by $10/mt to $245/mt delivered over a day.
Local rebar spot prices increased by TRY10-30/mt ($1.50-4.50/mt) across the Turkey, and settled at TRY3,230-3,280/mt ex-works, including 18pc VAT, on Thursday as restocking is underway in the domestic market.
Turkey’s export rebar market is quiet, but mills increased offers to $400-410/mt fob with some even targeting $415/mt fob amid costlier scrap.
($1 = TRY6.65)