The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) decreased by $4.62/mt to $474.76/mt cfr on Wednesday after mills targeted lower prices.
Bids fell to $465-470/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region after a sale from the USA to a Marmara-based mill for August shipment was confirmed at $475/mt cfr for HMS 1&2 (80:20) and at $495/mt cfr for shredded scrap and bonus material, though the deal was done last week only for a half of the cargo. Another US exporter was heard to have negotiated a sale at $471-472/mt cfr for HMS 1&2 (80:20) this week.
Turkish mills require around 10 deep-sea cargoes for August shipment. Still, they are quoting lower as they are confident of covering their needs from the existing supply from the US, Baltic region, and the EU. Moreover, the demand for heavy melt is sluggish in the global market, putting added downward pressure on the prices for the material.
Spot rebar prices in the Turkish domestic market declined by TRY20/mt at TRY7,130-7,360/mt ex-works, including 18pc VAT, on Wednesday.
($1=TRY8.57)