The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $3.48/mt to $500/mt cfr on Wednesday as buyers reduced their bids following increased cargo availability.
A Venezuelan supplier sold 11,000-12,000mt of HMS 1&2 (80:20) at $490/mt cfr as top up tonnages for a cargo to an Izmir-based mill, which is due to be shipped next week.
Bids from Turkish mills dropped to $490/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region for July shipment after they received offers from several exporters from those regions at $502-510/mt cfr. Moreover, availability of cargoes for July shipment exceeds the requirements of Turkish mills at present.
Spot rebar prices in the Turkish domestic market decreased by TRY50/mt at TRY7,200-7,300/mt ex-works, including 18pc VAT on Wednesday.