The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained flat at $433.23/mt cfr on Thursday as negotiations for new cargoes continue.
Turkish mills require at least 10 deep-sea cargoes for May shipment. Bids have now risen to $430-433/mt cfr for US-grade HMS 1&2 (80:20), while offers have ranged from $438-445/mt cfr.
Still, a lone booking was confirmed today at a heavy melt price level of $433/mt cfr, which kept daily prices unchanged. An Iskenderun-based mill purchased HMS 1&2 (80:20) at $433/mt cfr, shredded scrap at $438/mt cfr, and P&S 5ft material at $443/mt cfr from the USA.
The sale followed a late Wednesday sale out of France, where a Karadeniz-based mill booked 10,000mt of HMS 1&2 (80:20) at $431/mt cfr and 5,000mt of bonus material at $441/mt cfr. This cargo is expected to be shipped during the first half of May.
New transactions were also fixed in the Azov-Black Sea basis with several cargoes of HMS 1&2 (80:20) from Romania trading at $405-407/mt cfr Turkey.
Following a flurry of bulk cargo sales out of the US West Coast and Australia to Bangladesh last week, bulk offer prices into Asian countries rose today following fresh sales to Vietnam.
A European company sold a cargo to Vietnam at $455/mt cfr for heavy melt and at $460/mt for shredded, and a US exporter booked a sale to Vietnam at a shredded scrap price of $465/mt cfr. This sent daily bulk prices into Asia up by $7/mt.
Back in Turkey, daily domestic spot rebar prices increased by TRY20-30/mt ($2-4/mt) to TRY5,900-5,970/mt ex-works, including 18pc VAT, on Thursday. Domestic demand is slow while exports have been active. A fresh rebar sale from Turkey to Asia was heard at around $640/mt fob, which is up $10-20/mt from deals concluded last week. More negotiations are underway with offers as high as $660/mt fob.