The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $2/mt to $462/mt cfr on Monday as buyers continued to fight back against higher offer prices.
After booking several cargoes from the Baltic region at $458.50-461/mt cfr for HMS 1&2 (80:20) last week, mills informed suppliers that bids will remain in this range despite US suppliers pushing for higher prices. Negotiations for April shipment cargoes are expected to kick off by mid week.
Daily domestic spot rebar prices in Turkey jumped by TRY90-100/mt ($12-13/mt) to TRY5,720-5,800/mt ex-works, including 18pc VAT on Monday amid currency fluctuations. Icdas raised its local rebar prices by TRY60/mt to TRY5,750/mt ex-works Biga and TRY5,830/mt ex-works Istanbul (prices include 18pc VAT).
Daily rebar export prices in Turkey were unchanged at $645-650/mt fob on Monday.