The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $282.50/mt cfr on Thursday due to a lack of deals, despite buyers restarting negotiations with sellers.
Turkish mills started to check offers for deep-sea cargoes and announced bids at $275-280/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while suppliers continued to target $285/mt cfr minimum. Some Turkish producers were looking for European-origin HMS 1&2 (80:20) at $270-275/mt cfr.
Negotiations were in progress for short-sea cargoes too, with firm bids at around $270/mt cfr for HMS 1&2 (80:20).
Turkish mills need ferrous scrap for September and October shipments because of which, some bookings are possible by the end of the week.
Daily domestic rebar spot prices in Turkey were unchanged at TRY3,780-3,820/mt ex-works, including 18pc VAT, on Thursday, while exported rebar prices – at $440/mt fob. Trading activity remained slow.
($1 = TRY7.34)