The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) trended flat at $455.71/mt cfr on Friday due to a lack of transactions.
Trading activity was sluggish this week amid an existing gap between bids and offers with no bookings reported so far. Turkish mills require at least 20 deep-sea cargoes for September shipment and have enough time to complete their purchases because of which, they are trying to find cargoes from the USA and the Baltic region at $450/mt cfr for HMS 1&2 (80:20). However, some suppliers who offered cargoes with a significant content of HMS 1&2 (80:20) found no interest from mills.
Spot rebar prices in the Turkish domestic market declined by TRY30/mt from the upper end of the previous range to TRY6,850-7,000/mt ex-works on Friday and sales remained difficult.
Icdas reduced its local rebar prices by TRY80/mt amid currency fluctuations to TRY7,060/mt ex-works Biga and TRY7,140/mt ex-works Istanbul. All these prices include 18pc VAT.