The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $3/mt to $328/mt cfr on Wednesday as demand outpaced supply.
Turkish ferrous scrap importers remain active with some mills still searching for December shipment cargoes, while others have already started to check offers for January shipment cargoes to fulfill their orders for steel products.
Scrap suppliers from the USA and the Baltic region are bullish and raised offers to $332-335/mt cfr for HMS 1&2 (80:20).
Two deep-sea bookings were received after the editorial deadline. A supplier from Latvia sold HMS 1&2 (80:20) at $329/mt cfr and bonus material at $339/mt cfr to a Marmara-based mill for January shipment. An exporter from Germany was heard to have closed a deal with another Marmara-based mill at $326.50/mt cfr for HMS 1&2 (80:20) and at $336.50/mt cfr for bonus scrap.
A new transaction was also fixed in the Azov-Black Sea basin, where a supplier from Rostov-on-Don, Russia sold HMS 1&2 (80:20) at $328/mt cfr to a Karadeniz-based mill.
Turkey’s daily spot rebar prices were flat at TRY4,480-4,520/mt ex-works, including 18pc VAT, on Wednesday due to minor changes in Turkish lira versus the US dollar rates. Kardemir opened rebar sales at TRY4,548.90/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey increased by $5-10/mt to $490-500/mt fob on Wednesday amid strong demand.
($1 = TRY7.71)