The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $6.18/mt to $432.85/mt cfr on Wednesday, as prices continue to rise.
Two bulk sales from Europe cemented the march, past $430/mt for heavy melt as suppliers pushed towards a $450/mt target.
One cargo sold at $435/mt cfr for HMS 1&2 (80:20) and $435/mt cfr for bonus, while a second cargo sold at $439/mt cfr for 7,500mt of bonus scrap and $450/mt for 4,500mt of busheling scrap.
This is a $5-10/mt increase for European companies that had offered HMS at $425/mt cfr barely two days ago. New offers are now at $440/mt cfr and higher while the US remains quiet.
Mills remain in the market for scrap and suppliers that are extremely bullish have started to wonder just how high this market can rise. It has been a long time since bulk shred to Turkey traded at $500/mt cfr and while many are skeptical it could go that high, a minority feel it’s not outside the realm of possibilities.