The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $5.59/mt to $456.41/mt cfr on Tuesday on new sales from the USA.
An Izmir-based mill purchased 18,000mt of shredded scrap and 12,000mt of bonus material at an average price of $467/mt cfr from the USA on Mar 8. The same producer bought 12,000mt of HMS 1&2 (80:20) at $456/mt cfr, 12,000mt of shredded scrap at $466/mt cfr, and 1,000mt of bonus material at $466/mt cfr from another American supplier, but the date of this transaction was not disclosed.
An Iskenderun-based mill reached an agreement with a third US exporter at $453/mt cfr for HMS 1&2 (80:20) and $463/mt cfr for P&S 5ft early this week.
Bids for US-origin HMS 1&2 (80:20) decreased to $450/mt cfr on Tuesday, while a Baltic supplier failed to find a buyer at this level. Market sentiment changed as the availability of material increased significantly.
Daily domestic spot rebar prices in Turkey decreased by TRY20-40/mt ($3-5/mt) to TRY5,700-5,760/mt ex-works, including 18pc VAT on Tuesday amid currency fluctuations. Icdas raised its local rebar prices by TRY20/mt to TRY5,770/mt ex-works Biga and TRY5,850/mt ex-works Istanbul (prices include 18pc VAT).
Daily rebar export prices in Turkey remained flat at $645-650/mt fob on Tuesday. A mill sold around 50,000mt of rebar within the range to Singapore late last week. Most producers kept offers unchanged at $655-660/mt fob this week.