The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $3.44/mt to $298.97/mt cfr on Thursday as buyers accepted further price increase.

 

Three new bookings were reported in the Turkish ferrous scrap market. In one transaction, a Finnish supplier sold 10,000mt of HMS 1&2 (80:20) at $300/mt cfr, 13,000mt of shredded scrap at $305/mt cfr, and 4,000mt of bonus material at $310/mt cfr to a Karadeniz-based mill. An exporter from St Petersburg, Russia closed another deal at $299/mt cfr for HMS 1&2 (80:20) and at $309/mt cfr for bonus scrap with a Marmara-based mill. An Iskenderun-based mill also purchased 8,000mt of HMS 1&2 (95:5) at $306.50/mt cfr from an Arkhangelsk, Russia-based seller.

 

Turkish mills are expected to book 35 more cargoes for October shipment. This excludes the volumes from EMR and Ecore. Turkish HRC mills are running at full capacity, while rebar/billet mills are running at 70-75pc capacity utilization resulting in a rise in demand for raw material.

 

US and Baltic suppliers have increased their offers to $305/mt cfr for HMS 1&2 (80:20), although bids do not exceed $299/mt cfr for this material.

 

Turkish producers also raised purchase prices for shipbreaking scrap in the domestic market by $4/mt to $280/mt delivered on Thursday.

 

Steel product sales strengthen

Daily domestic rebar spot prices in Turkey rose by TRY30-50/mt ($4-7/mt) to TRY3,980-4,020/mt ex-works, including 18pc VAT, on Thursday amid strong demand. Icdas decided to raise its local rebar prices by TRY20/mt ($3/mt) over a day to TRY4,020/mt ex-works, including VAT.

 

Exported rebar prices in Turkey moved to $450-460/mt fob on Thursday from $450/mt fob a day ago. Several sales withing the mentioned range were made to Africa and the Middle East recently.

 

There were some wire rod sales from Turkey at $500-510/mt fob recently, up from $485/mt fob around two weeks ago.

 

($1 = TRY7.43)

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