The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.25/mt to $497.50/mt cfr on Tuesday following postponed bookings.
Business activity remains slow in the Turkish ferrous scrap market with most mills delaying purchases in anticipation of lower prices. Offers at around $500/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region are not finding any takers while rebar sales are weak.
Turkish mills dropped their bids to $430/mt cfr in negotiations heard in the Azov-Black Sea basin. Most Romanian suppliers believe that this level is not feasible for HMS 1&2 (80:20), but can be accepted for a floating cargo of HMS 1&2 (60:40).
Currency fluctuations affected rebar sales negatively in the Turkish domestic market because of which, spot prices decreased by TRY100/mt to TRY7,200-7,320/mt ex-works, including 18pc VAT on Tuesday.
In the export market prices for Turkish rebar fell from $750-780/mt fob actual weight to $730-740/mt fob, though deals are scarce.
($1=TRY8.66)