The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $500/mt cfr on Thursday due to a lack of transactions.
Business activity is sluggish amid slow negotiations and an existing gap between bids and offers with no bookings reported. Turkish mills have enough time to complete their purchases for July shipment and are trying to find cargoes from the USA and the Baltic region at $490-495/mt cfr for HMS 1&2 (80:20). Some suppliers have available cargoes but are targeting above $500/mt cfr.
Demand for short-sea cargoes is weak in Turkey and offers at $475/mt cfr for HMS 1&2 (80:20) from Romania and at $485/mt cfr for A3 material from Rostov-on-Don failed to attract any buyers.
Spot rebar prices in the Turkish domestic market increased by TRY30-50/mt at TRY7,230-7,350/mt ex-works on Thursday amid currency fluctuations. Icdas raised its local rebar prices by TRY80/mt to TRY7,430/mt ex-works Biga and TRY7,510/mt ex-works Istanbul. All domestic prices include 18pc VAT.
In the export market Turkish mills maintained offers for rebar at $750-780/mt fob actual weight.
($1=TRY8.71)