The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $0.83/mt to $267.08/mt cfr on Wednesday amid a buying spree by Turkish mills.

 

The Turkish ferrous scrap market witnessed elevated trading activity with at least five deals closed recently. On July 21-22, an Iskenderun-based mill was heard to have purchased HMS 1&2 (80:20) at $268/mt cfr from the US, but further details of the transaction were not available at the time of publication.

 

On July 22, an Izmir-based mill opted for a cargo from Lithuania. Full details of the deal were not disclosed, but Davis Index was informed that HMS 1&2 (80:20) changed hands at $266.50/mt cfr.

 

On July 21, a Marmara-based mill bought HMS 1&2 (80:20) at $267/mt cfr, shredded scrap at $272/mt cfr, and bonus material at $277/mt cfr from the USA. On the same day, an Iskenderun-based integrated steel mill reached an agreement with a supplier from Russia’s Baltic region (St Petersburg) at $266.50/mt cfr for 26,500mt of HMS 1&2 (80:20) and at $276.50/mt cfr for 5,000mt of bonus scrap, while an Iskenderun-based EAF mill signed a contract with an exporter from the north of Russia (Arkhangelsk) at $273/mt cfr for 13,000mt of HMS 1&2 (95:5).

 

One more sale from St Petersburg was reported in Turkey, but it was done on July 17 and does not reflect market reality anymore. In this deal, an Izmir-based mill purchased HMS 1&2 (80:20) at $264/mt cfr and bonus material at $274/mt cfr.

 

Bookings are anticipated to continue in the Turkish market as mills are still looking for cargoes for late-August – early-September shipment. Most US and Baltic suppliers are insisting on $270/mt cfr for HMS 1&2 (80:20) in negotiations.

 

In the domestic market Turkish mills raised purchase prices for shipbreaking scrap by $2/mt to $267/mt delivered over a day amid strong demand.

 

Rebar sales in progress

Daily domestic rebar spot prices in Turkey climbed by TRY10/mt ($1/mt) from the lower end of the previous range to TRY3,490-3,520/mt ex-works, including 18pc VAT, on Wednesday. Bastug Metalurji raised local rebar prices by TRY80/mt ($12/mt) to TRY3,560/mt ex-works, including 18pc VAT.

 

Exported rebar prices in Turkey increased to $425-430/mt fob versus $420-425/mt fob a day ago.

 

($1 = TRY6.85)

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