The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.47/mt to $433.60/mt cfr on Wednesday amid higher bids and offers.
Turkish bids rose to $432/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region and offers have now increased to $435-445/mt cfr. Demand for scrap improved in Turkey as mills expect price increases on export sales of rebar and billet after China confirmed the removal of a 13pc VAT rebate on its steel exports.
Details of two bulk cargo bookings were released today. Both cargoes were booked on Tuesday when a US supplier sold HMS 1&2 (80:20) at $432/mt cfr to an Iskenderun-based mill, while a Baltic exporter sold a second cargo at a similar price to a Karadeniz-based mill.
Turkish mills raised export rebar offers to $660-665/mt fob actual weight, while the most recent deals were concluded at $650-655/mt fob.
Kardemir opened domestic rebar sales at TRY6,047.50/mt ex-works on Wednesday and sold 18,000mt. The mill also announced 150×150 billet prices at TRY5,805.60/mt ex-works for S235JR grade, and at TRY5,852.80/mt ex-works for the S420-B420 grade. The producer apparently sold around 95,000mt of billet in 30 minutes amid strong demand and then closed its sales book.
Still, daily domestic spot rebar prices in Turkey slipped by TRY20-50/mt ($2-6/mt) to TRY6,000-6,100/mt ex-works on Wednesday. Icdas decreased its local rebar prices by TRY30/mt to TRY6,110/mt ex-works Biga and TRY6,190/mt ex-works Istanbul. All domestic prices include 18pc VAT.