The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) inched up by $0.12/mt to $440/mt cfr on Thursday after most sellers resisted lower prices.
Some Turkish mills are trying to find HMS 1&2 (80:20) from the USA and the Baltic region at $430-435/mt cfr, but suppliers have chosen to step back and withdraw their offers. Large US exporters, particularly, are not interested in accepting prices below $450/mt cfr for HMS 1&2 (80:20).
Market participants are now watching the standoff between the mills and suppliers to determine if mills will succeed in achieving further price decreases for imported scrap, though they remain certain that such transactions will be limited if they happen.
The daily domestic spot rebar prices in Turkey dropped by TRY50-80/mt ($7-11/mt) to TRY5,380-5,440/mt ex-works, including 18pc VAT, on Thursday due to inactive sales, while the daily exported rebar prices remained flat at $620/mt fob. It should be noted that Turkish mills have already some rebar orders for April.
($1=TRY7.40)