The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.61/mt to $506.97/mt cfr on Friday following a growing price gap between HMS 1&2 (80:20) and shredded scrap.
A Canadian recycler continued selling to Turkey and closed a fresh deal with an Iskenderun-based mill at $507/mt cfr for 17,500mt of HMS 1&2 (95:5) and at $522/mt cfr for 17,500mt of shredded scrap. The same supplier was also heard to have sold a similar cargo to an Izmir-based mill.
Turkish mills require scrap for July shipment, but bids for HMS 1&2 (80:20) from the USA and the Baltic region vary at $500-505/mt cfr, while mills are ready to pay up to $20/mt more for shredded scrap due to its limited availability.
Spot rebar prices in the Turkish domestic market climbed by TRY10/mt at the upper end of the previous range to TRY7,150-7,250/mt ex-works on Friday. Icdas dropped its local rebar prices by TRY160/mt to TRY7,140/mt ex-works Biga and TRY7,220/mt ex-works Istanbul due to currency fluctuations. All domestic prices include 18pc VAT.
In the exported rebar market Turkish mills raised offers to $750-780/mt fob actual weight, having sold significant tonnages at $740-745/mt fob.