The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $454.88/mt cfr on Thursday.
Most US and Baltic suppliers raised offers to a minimum of $460/mt cfr for HMS 1&2 (80:20) in cargoes with more shredded scrap and bonus material after a sale from the Baltic region was reported at $457/mt cfr. However, Turkish bids remained below $455/mt cfr as mills have already booked significant tonnages for September shipment. Bids for HMS 1&2 (80:20) in cargoes with low prime grade content were reported below $450/mt cfr and did not exceed $445/mt cfr for European-origin HMS 1&2 (80:20).
In the Azov-Black Sea basin, a transaction was finalized at $446/mt cfr Karadeniz for 2,300mt of HMS 1&2 (85:25) from Moldova. Exporters from Russia (Rostov-on-Don), Romania, and Bulgaria are targeting higher levels.
Spot rebar prices in the Turkish domestic market increased by TRY40-50/mt to TRY6,700-6,800/mt ex-works, including 18pc VAT, on Thursday. In the exported market rebar prices dropped by $5/mt to $690-695/mt fob actual weight amid sluggish demand.