The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) slid by $0.11/mt to $294.89/mt cfr on Thursday after new sales from the Baltic region were reported.
Turkish mills expectedly resumed ferrous scrap bookings after two weeks of silence. On September 23, a Karadeniz-based mill purchased 11,000mt of HMS 1&2 (80:20) at $296/mt cfr, 15,500mt of shredded scrap at $301/mt cfr, and 2,000mt of bonus material at $306/mt cfr from a Finnish supplier.
The same producer bought 12,000mt of HMS 1&2 (80:20), 10,000mt of shredded scrap, 1,000mt of bonus material, and 1,000mt of busheling at an average price of $299/mt cfr from Denmark.
Negotiations are underway as some Turkish steelmakers require scrap for October shipment, while others are considering bookings for November shipment. Bids are being heard at around $290/mt cfr for HMS 1&2 (80:20) from the US and the Baltic region. Most American exporters are refraining from offers at present, since their domestic market is strong, while Baltic suppliers are resisting sales below $295/mt cfr.
Demand for short-sea cargoes also improved in Turkey, but deals are sporadic as buyers insist on lower prices. One transaction was finalized at $274/mt cfr for HMS 1&2 (80:20) from Romania early this week.
Exchange rates drive local rebar market
Daily domestic spot rebar prices in Turkey declined by TRY10-20/mt ($1-3/mt) to TRY4,060-4,120/mt ex-works, including 18pc VAT, on Thursday amid currency fluctuations.
The daily exported rebar prices in Turkey remained unchanged at $455-460/mt fob.
($1 = TRY7.64)