The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.03/mt to $430.75/mt cfr on Monday as offer prices declined amid an increase in cargoes on offer.
As is the norm, markets were mostly inactive on Monday as both buyers and sellers began to test the waters for this week’s price levels. Suppliers are in the market with cargoes and have cited a surge in semi-finished and finished product sales prices and volumes as a pricing factor.
Turkish mills continued to book orders for steel products with prices for rebar and billet reaching $640/mt fob and $585/mt fob, respectively. Still, scrap availability is high and mills appear to be in no hurry to book cargoes for June shipment, with May’s requirement secured last week.
Daily domestic spot rebar prices in Turkey remained unchanged at TRY5,900-5,970/mt ex-works on Monday. Icdas raised its local rebar prices by TRY30/mt ($4/mt) to TRY5,990/mt ex-works Biga and TRY6,070/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY8.15)