The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $9.63/mt to $500.63/mt cfr on Monday as bullishness continues to grip the market.
At least two Baltic deals were heard in the market with one apparently concluding today and a second one on Friday. Today’s deal was reportedly concluded at a price level of $501-503/mt cfr for HMS 1&2 (80:20), while Friday’s deal finalized at $495/mt cfr for HMS 1&2 (80:20).
Offers for US-grade HMS 1&2 (80:20) are now at $500-510/mt cfr, while some mills bid at $495-500/mt cfr. The rapid increase in prices into Turkey, where billet and rebar prices have recorded similar gains, has caught mills in other countries by surprise. Egyptian mills have stepped into the market for cargoes and expressed surprise at how bullish the market has turned.
Suppliers continue to push for higher prices, even as around 35 cargoes have been booked by Turkish mills for June shipment since demand from other countries is also strong.
For shippers to Asia, demand from Vietnam, Bangladesh, and a handful of other countries is also firm, which has sent HMS 1&2 (80:20) cfr Vietnam prices to a bid-offer range of $490-500/mt with bulk shred into Bangladesh now ranging at $520-530/mt cfr.