The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.65/mt to $275.15/mt cfr on Wednesday after new bookings were reported.
As expected, Turkish mills purchased ferrous scrap ahead of the Kurban Bayrami holiday that begins at the end of this week. An Iskenderun-based mill bought 27,000mt of HMS 1&2 (80:20) at $276/mt cfr, 5,000mt of bonus material at $286/mt cfr, and 3,000mt of fine cut busheling at $291/mt cfr, on Wednesday, from a Latvian supplier. The cargo is due to be shipped by September end.
On July 28, an Izmir-based mill closed a deal with a Baltic exporter at $275/mt cfr for HMS 1&2 (80:20) and at $285/mt cfr for bonus material. The cargo is due to be shipped in September. On the same day, an Iskenderun-based mill reached an agreement with a German supplier at $273/mt cfr for 18,000mt of HMS 1&2 (80:20), at $278/mt cfr for 2,000mt of shredded scrap, and at $278/mt cfr for 10,000mt of bonus material. The cargo is due to be shipped at the beginning of September.
Some negotiations are still in progress in the Turkish market and most sellers remain bullish with new offers from the US and the Baltic region announced at $280-285/mt cfr for HMS 1&2 (80:20).
Daily domestic rebar spot prices rose by TRY10-20/mt ($1-3/mt) across Turkey to TRY3,550-3,600/mt ex-works, including 18pc VAT, on Wednesday, while exported rebar prices moved to $430-435/mt fob versus $430/mt fob a day ago.
($1 = TRY6.98)