The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $464.50/mt cfr on Thursday as mills prepare for a next round of purchases.
Bids have remained at around $460/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while offers are trending at least $10/mt higher.
A recent sale from the Baltic region to a Karadeniz-based mill at an average price of $463/mt cfr was confirmed on Thursday but the cargo composition was not available at the time of publication.
Asian bulk markets have also strengthened with Vietnam booking up to four cargoes from the US, with the most recent booking concluding on Wednesday at a price level of $470/mt for shredded scrap.
In Turkey, rebar exports have stayed strong and daily prices increased by $5/mt to $645-650/mt fob on Thursday. A Turkish mill was heard to have sold around 50,000mt of rebar to Hong Kong at $695/mt cfr. Most producers have since raised offers to $660/mt fob.
Daily domestic spot rebar prices in Turkey increased by TRY80/mt ($11/mt) to TRY5,620-5,650/mt ex-works on Thursday. Icdas raised its local rebar prices by TRY140/mt and opened sales in Biga at TRY5,670/mt ex-works and at TRY5,750/mt ex-works in Istanbul. All domestic prices include 18pc VAT.