The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $1.55/mt to $280/mt cfr on Tuesday as demand for scrap persisted and rebar prices rose after the Kurban Bayrami holidays.

 

The Turkish imported ferrous market’s sentiment remains positive. Mills still require some cargoes for September shipment and resumed negotiations with suppliers on Tuesday. Exporters from the EU are targeting $280/mt cfr and higher for HMS 1&2 (80:20) amid euro revaluations against the US dollar, while American and Baltic sellers raised offers for the same grade to $285/mt cfr.

 

Last week, a Marmara-based mill purchased around 150,000mt of scrap, according to Davis Index estimates, through five separate deals with suppliers from the UK, Belgium, and Germany. All these deals were reported this week though some of them were done early last week.

 

Rebar prices resume uptrend

Daily domestic rebar spot prices rose by TRY80-90/mt ($11-13/mt) across Turkey to TRY3,640-3,680/mt ex-works on Tuesday as trading began after holidays. Icdas raised its local rebar prices by TRY180/mt ($26/mt) to TRY3,700/mt ex-works, while Izmir Demir Celik and Bastug Metalurji – both by TRY100/mt ($14/mt) to TRY3,650/mt ex-works and to TRY3,660/mt ex-works, respectively. All domestic prices in Turkey include 18pc VAT.

 

Exported rebar prices increased by $5/mt to $440/mt fob as Turkish mills raised offers amid better prices in their local market.

 

($1 = TRY6.98)

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