The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $2.50/mt to $495/mt cfr on Wednesday as buyers continued to remain inactive.
Turkish mills are uninterested in deep-sea cargo purchases as most of them are fully covered for July shipment. That said, Izmir- and Iskenderun-based mills may consider bookings from the USA or the Baltic region at around $490/mt cfr for HMS 1&2 (80:20) but offers are still firm at $500/mt cfr and above. Moreover, some suppliers have opted to step back from the Turkish market until demand emerges.
Some short sea cargo exporters are negotiating with Turkish mills with no deals reported so far. Offers from Russia (Rostov-on-Don) are at $470/mt cfr for HMS 1&2 (85:15), from Ukraine at $480/mt cfr for HMS 1&2 (90:10) and from Romania and Bulgaria at $480/mt cfr for bonus material, though bids are scarce and about $10/mt lower.
The downtrend in the Turkish rebar market continues with spot prices decreasing by TRY90/mt from the lower end of the previous range to TRY7,110-7,320/mt ex-works on Wednesday. Icdas reduced its local rebar prices by TRY50/mt to TRY7,420/mt ex-works Biga and TRY7,500/mt ex-works Istanbul. All domestic prices include 18pc VAT.