The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $427.50/mt cfr on Wednesday as buyers continued to pressure prices.
Suppliers from the USA, Baltic, and Europe have offered cargoes to Turkey and sought bids but most mills failed to counter with firm bids. Offers are at $425-430/mt cfr for HMS 1&2 (80:20) while mills have suggested prices should decrease by $5-10/mt citing oversupply.
Several Turkish steelmakers are covered for May shipment and have enough time to watch the market before they start bookings for June shipment.
Daily domestic spot rebar prices in Turkey decreased by TRY50-60/mt ($6-7/mt) to TRY5,850-5,910/mt ex-works on Wednesday amid weak demand. Icdas dropped its local rebar prices by TRY55/mt to TRY5,900/mt ex-works Biga and TRY5,980/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY8.09)