The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged at $290.25/mt cfr on Thursday after new bookings from the Baltic region were reported.

 

Turkish ferrous scrap buyers are active, with negotiations resulting in four transactions on Oct 21. A Marmara-based mill purchased HMS 1&2 (80:20) at $291/mt cfr, shredded scrap at $296/mt cfr and bonus material at $301/mt cfr from a Finnish supplier.

 

An Izmir-based mill was heard to have booked two deep-sea cargoes. In one, an exporter from Russia (St Petersburg) sold HMS 1&2 (80:20) at $289.50/mt cfr and bonus scrap at $299.50/mt cfr, while a second agreement was reached with a supplier from Estonia at an average price of $291/mt cfr for 23,000mt of HMS 1&2 (80:20) and 4,000mt of bonus material.

 

An Iskenderun-based integrated steel mill also purchased 26,000mt of HMS 1&2 (80:20) at $287.50/mt cfr, 2,000mt of bonus scrap at $297.50/mt cfr and 2,000mt of busheling at $302.50/mt cfr from Poland on Oct 21.

 

Turkish mills are still looking for ferrous scrap cargoes to fulfill their orders for rebar, so negotiations are in progress. Scrap suppliers from the US and Baltic region raised offers to $295-300/mt cfr for HMS 1&2 (80:20) on Thursday.

 

Demand for rebar persists

Business activity is stable in the Turkish domestic rebar market, but the daily spot prices increased by TRY40-60/mt ($5-8/mt) to TRY4,120-4,210/mt ex-works, including 18pc VAT, on Thursday amid the Turkish lira’s devaluation against the US dollar. Icdas opted to raise its local rebar prices by TRY80/mt ($10/mt) to TRY4,280/mt ex-works, including 18pc VAT on Thursday.

 

The daily exported rebar prices were flat at $445-450/mt fob on Thursday, but mills tried to achieve higher levels as demand for long products persists in Asian countries and the US. In fact, a Turkish mill was heard offering rebar to the USA at $580/mt cfr theoretical weight, duty paid, but bids vary in the range of $570-575/mt cfr theoretical weight, duty paid.

 

($1 = TRY7.93)

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