The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) held unchanged at $502.50/mt cfr on Friday as negotiations stalled.
The week ended without any movement as buyers and sellers stuck to their idea of the right price. Bids for HMS 1&2 (80:20) from the USA and the Baltic region were heard in the $495-500/mt cfr range, while offers were at $505-510/mt cfr. Demand is sluggish in Turkey with some interest only for cargoes with a significant content of shredded scrap.
The Azov-Black Sea basin market was also quiet as negotiations dithered. Turkish mills were looking for HMS 1&2 (80:20) from Romania and Bulgaria at $460-465/mt cfr, while suppliers targeted $480-485/mt cfr.
Spot rebar prices in the Turkish domestic market increased by TRY80-100/mt to TRY7,100-7,150/mt ex-works on Friday due to currency fluctuations. Icdas raised its local rebar prices by TRY50/mt to TRY7,180/mt ex-works Biga and TRY7,260/mt ex-works Istanbul. All domestic prices include 18pc VAT.
In the export market, Turkish mills dropped rebar offers to $750/mt fob from $750-770/mt fob due to weak demand.