The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $0.75/mt to $257.40/mt cfr on Wednesday.
While a sale from the Baltic region was actively discussed in Turkey’s ferrous scrap market, it couldn’t be confirmed by time of publication. A supplier sold HMS 1&2 (80:20) for $257.5/mt cfr to a Marmara-based mill.
There are some ongoing negotiations in the ferrous scrap market because Turkish mills still require both deep- and short-sea cargoes for May shipment, but they’re trying to resist more price increases because rebar sales are weak. Moreover, scrap exporters have remained firm amid tight supply. Offers from the US and the Baltic region are scarce and vary in the range of $265-270/mt cfr for HMS 1&2 (80:20), while offers from Russia (Rostov-on-Don) are reported at $260/mt cfr for HMS 1&2 (90:10).
Collection prices have risen in the US and in Europe this week as exporters have tried sparking inflow of material. US East Coast dockside prices increased by $3-17/gt, depending on grades and locations, while dockside prices in Belgium and the Netherlands rose by €10/mt ($11/mt).
Local rebar spot prices increased by TRY40-80/mt ($6-12/mt) across Turkey and settled at TRY3,280-3,340/mt ex-works, including 18pc VAT, on Wednesday. Icdas raised local rebar prices by TRY30/mt ($4/mt) to TRY3,350/mt ex-works, including 18pc VAT.
Export rebar prices in the Turkish market are flat at $410-420/mt fob.
($1 = TRY6.90)
(€1 = $1.09)