The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) climbed by $0.11/mt to $360.94/mt cfr on Thursday on fresh bookings from the Baltic region and Europe.
In one transaction, a Marmara-based mill purchased HMS 1&2 (80:20) at $360/mt cfr and bonus material at $370/mt cfr from a Latvian supplier. The cargo is due to be shipped in February. In another deal, an Iskenderun-based mill reached an agreement with a Belgian exporter at an average price of $362/mt cfr for a mixed composition cargo, but further details were not available at the time of publication.
Negotiations with US exporters failed to result in deals in Turkey as sellers received better bids from alternative outlets and sold to those destinations, particularly to South America. Now, American suppliers are expected to raise offers to Turkey to $370/mt cfr for HMS 1&2 (80:20) or even higher amid a strong domestic market, where mills in Detroit announced price increases of $70/gt across all grades in December.
Turkish steelmakers will try to continue bookings from the Baltic region and Europe as US exporters are bullish and offers are scarce.
The daily domestic spot rebar prices in Turkey remained flat at TRY4,890-4,970/mt ex-works, including 18pc VAT, on Thursday. Icdas chose to increase its local rebar prices by TRY50/mt ($6/mt) to TRY5,000/mt ex-works, including 18pc VAT.
The daily exported rebar prices in Turkey rose $530-535/mt fob on Thursday from $520-530/mt fob on Wednesday. Some mills raised offers to $540-550/mt fob, because they have already good orders, so the availability of rebar for sale is limited.
($1 = TRY7.77)