The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged at $502.50/mt cfr on Thursday amid muted trading.
Offers from the US and Baltic region remain firm at $505-510/mt cfr for HMS 1&2 (80:20), while Turkish mills are bidding at below $500/mt cfr due to falling rebar prices. While the demand for HMS 1&2 (80:20) is weak, mills are interested in cargoes with a significant content of shredded scrap.
Business activity is slow In the Azov-Black Sea basin and no bookings to Turkey were reported.
Spot rebar prices in the Turkish domestic market decreased by TRY30-50/mt to TRY7,000-7,070/mt ex-works on Thursday due to weak sales. Icdas reduced its local rebar prices by TRY300/mt to TRY7,130/mt ex-works Biga and TRY7,210/mt ex-works Istanbul. All domestic prices include 18pc VAT.
In the exported market Turkish mills dropped rebar offers to $750-770/mt fob from $770/mt fob a few days ago but failed to attract any buyers.
($1 = TRY8.72)