The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.30/mt to $271.30/mt cfr on Monday on firm offers.
Some ferrous scrap bookings are anticipated in the Turkish market ahead of the Kurban Bayrami holiday, which is slated for July 31 to August 3. Mills are trying to find cargoes at around $270/mt cfr for HMS 1&2 (80:20) from the USA or the Baltic region, but most suppliers are targeting $275/mt cfr early this week.
Two deals were reported in Turkey late on Friday. In one transaction, a Karadeniz-based mill purchased 15,000mt of shredded scrap at $275/mt cfr and 15,000mt of bonus material at $280/mt cfr from an American exporter to be shipped in the first half of September. In the second deal, an Izmir-based mill bough HMS 1&2 (80:20) at $271/mt cfr and bonus scrap at $281/mt cfr from a Baltic supplier.
Steady local rebar trading
Daily domestic rebar spot prices increased by TRY10-40/mt ($1-6/mt) to TRY3,500-3,560/mt ex-works, including 18pc VAT, on Monday amid active sales. Icdas decided to raise local rebar prices by TRY40/mt ($6/mt) to TRY3,520/mt ex-works, including 18pc VAT.
Exported rebar prices in Turkey remained unchanged at $430/mt fob on Monday.
($1 = TRY6.85)