The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $3.90/mt to $270.98/mt cfr on Thursday as active buying continued in the Turkish ferrous market.

 

Demand for ferrous scrap remains strong in Turkey because of which, suppliers are insisting on further price increases and are achieving them. The highest price so far was reported in a sale from Scandinavia, in which HMS 1&2 (80:20) changed hands at $275/mt cfr and P&S 5ft at $285/mt cfr.

 

Of the two cargoes traded from the USA, one exporter sold 7,000mt of HMS 1&2 (80:20) at $270/mt cfr, 30,000mt of shredded scrap at $275/mt cfr, and 4,000mt of P&S 5ft at $280/mt cfr to an Izmir-based mill. The cargo is due to be shipped in August. In another transaction, a supplier was heard to have sold HMS 1&2 (80:20) at $269.50/mt cfr to an Iskenderun-based mill, but other details of the deal were not available at the time of publication.

 

An exporter from northern Russia (Murmansk) also signed a contract with an Iskenderun-based mill at $275/mt cfr for 18,000mt of HMS 1&2 (95:5) for August shipment. According to market participants, the same supplier sold a cargo from St Petersburg at $266-267/mt cfr for HMS 1&2 (80:20), but no more details were available.

 

Some transactions were fixed in the Azov-Black Sea basin recently, where 3-4 cargoes of Romanian-origin HMS 1&2 (80:20) totaling around 20,000mt were booked at $255-257/mt cfr Turkey.

 

Daily domestic rebar spot prices in Turkey were unchanged at TRY3,490-3,520/mt ex-works, including 18pc VAT, on Thursday, while exported rebar prices stood at $425-430/mt fob.

 

($1 = TRY6.85)

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