The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) rose by $7.78/mt to $470.71/mt cfr on Tuesday as demand for the material still exceeds supply.
Active negotiations are underway in the Turkish imported ferrous scrap market with no deep-sea cargo bookings reported on Tuesday. Bids increased to $468-470/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while offers moved to $475-480/mt cfr. Turkish mills are looking for cargoes for February and March shipment.
A new transaction was fixed in the Azov-Black Sea basin, with a supplier from Bulgaria selling HMS 1&2 (80:20) at $436/mt cfr Turkey.
Prices for shipbreaking scrap in the Turkish domestic market increased by $10/mt to $440/mt delivered over a day due to high buying activity.
The daily domestic spot rebar prices in Turkey were unchanged at TRY5,630-5,680/mt ex-works, including 18pc VAT, on Tuesday, and the daily exported rebar prices continued to vary in the range of $635-640/mt fob.
($1 = TRY7.64)