The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) advanced by $1.46/mt to $261.34/mt cfr on Monday after sales from the US and UK were reported.
The confirmation of three deals by Marmara-based mills from Feb 7 indicated an increased buying activity in the Turkish ferrous scrap market.
One mill purchased HMS 1&2 (80:20) at $264/mt cfr, shredded scrap at $269/mt cfr and P&S 5ft at $274/mt cfr from the US, while another bought 18,000mt of HMS 1&2 (80:20) at $260/mt cfr, 8,000mt of shredded scrap at $265/mt cfr and 4,000mt of P&S 5ft at $270/mt cfr from the US. The cargo for the first deal is to be shipped in late February or early March, while the second is scheduled for early March.
An exporter from the UK traded HMS 1&2 (80:20) at $255/mt cfr and shredded scrap at $260/mt cfr with one more mill. The 38,000mt-cargo is due to be shipped in March.
An Iskenderun-based mill also secured 20,000-25,000mt of HMS 1&2 (80:20) at $252/mt cfr from the Netherlands. However, this deal didn’t reflect scrap market reality, because it was closed earlier.
Scrap bookings for March shipment are anticipated to continue in Turkey and most of sellers will try to achieve higher prices as demand for the material improves, though collections are slowing down.