The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $496.91/mt cfr on Friday.
Suppliers from the USA and the Baltic region have maintained offers at a minimum level of $500/mt cfr for HMS 1&2 (80:20) after a booking at $499/mt cfr for the grade was reported on Thursday. However, most Turkish mills consider this level unacceptable and have continued targeting $490-495/mt cfr, resulting in a lack of trade this week.
Negotiations may revive in Turkey next week as mills will begin looking for ferrous scrap bookings for August shipments, so suppliers expect prices to rebound and exceed $500/mt cfr for HMS 1&2 (80:20) amid firm demand and better prices at alternative outlets.
In the meantime, in Asia, a fresh transaction was fixed at $518/mt cfr for 57,000mt A3 material from Russia to South Korea.
In the Turkish domestic market, spot rebar prices were flat at TRY7,140-7,370/mt ex-works on Friday. Icdas raised its local rebar prices by TRY60/mt to TRY7,480/mt ex-works Biga and TRY7,560/mt ex-works Istanbul. All domestic prices include 18pc VAT. In the export market prices for Turkish rebar remained in the range of $730-740/mt fob actual weight.
($1=TRY8.75)