The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.11/mt to $281/mt cfr on Monday, as tight supply in North American boosted offer prices.
US-based exporters signaled a scrap shortage and kept offers at a minimum of $285/mt cfr, despite two European HMS 1&2 (75:25) cargoes sold to Turkey over the past five days at a US-equivalent HMS 1&2 (80:20) price level of $277-280/mt.
Demand for bulk scrap also appears to be outpacing supply, and sellers are hopeful that prices will increase this week when Turkey returns to the market for October vessel bookings.
Turkish buyers may also need to compete with Asian buyers for volumes for October shipments since the latter have already been actively pursuing US cargoes. In fact, two US West Coast bulk cargo sales to Bangladesh concluded last week at $315-317/mt for shredded, and at least one Indian mill is in the market this week for a cargo.