The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.55/mt to $300/mt cfr on Monday amid firm offers.

 

No new transactions were reported in the Turkish ferrous scrap market early in the week, but mills are expected to continue their buying spree as most of them still require material for October shipment. As a result, US and Baltic scrap suppliers have kept their offers for HMS 1&2 (80:20) at $305-310/mt cfr.

 

The most recent deals in Turkey were closed at $299-300/mt for US and Baltic-origin HMS 1&2 (80:20), as reported by Davis Index last week.

 

US exporters are also bullish due to an uptrend in their domestic market. September’s ferrous scrap trading in the US settled higher by $20-40/gt for prime grades and by $30-50/gt for secondary materials at the end of last week compared with early August contracts. Scrap prices are anticipated to increase in most European countries too in September.

 

Rebar prices reach new high

Daily domestic rebar spot prices in Turkey rose by TRY60-70/mt ($8-9/mt) to TRY4,050-4,080/mt ex-works, including 18pc VAT, on Monday as the market remained active. Icdas raised its local rebar prices by TRY60/mt ($8/mt) to TRY4,100/mt ex-works, including 18pc VAT, while Bastug Metalurji increased them by TRY150/mt ($20/mt) to TRY4,100/mt ex-works, including 18pc VAT.

 

Turkish exported rebar prices were unchanged at $455-460/mt fob on Monday, but mills plan to announce higher offers soon.

 

($1 = TRY7.46)

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