The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $7.71/mt to $375.71/mt cfr on Monday after two transactions done last week were reported.
A Marmara-based mill purchased 22,000mt of HMS 1&2 (80:20) at $375/mt cfr and 3,000mt of bonus material at $385/mt cfr from a Baltic supplier. The cargo is due to be shipped before February 21, 2021. In another deal, an Izmir-based mill bought HMS 1&2 (80:20) at $370/mt cfr and bonus scrap at $380/mt cfr from a Russian exporter from St Petersburg.
Deal prices continue to rise significantly because Turkish mills are compelled to accept higher tags amid scarce offers. According to market participants, US and Baltic suppliers started targeting $380-385/mt cfr Turkey for HMS 1&2 (80:20) since the availability of scrap cargoes is limited in the global market, and there is demand for them at alternative outlets.
Rebar prices increase further
Turkey’s daily domestic spot rebar prices jumped by TRY90-110/mt ($11-14/mt) to TRY4,980-5,080/mt ex-works, including 18pc VAT, on Monday. Icdas announced a local rebar price increase of TRY60/mt ($8/mt) to TRY5,060/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey increased by $10/mt to $540-545/mt fob on Monday. Some sales close to the lower end of the mentioned range were heard to South America last week.
($1 = TRY7.84)