The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) declined by $1.25/mt to $498.75/mt cfr on Monday after supply outpaced demand.
Some US and Baltic suppliers kept their offers at $500-505/mt cfr for HMS 1&2 (80:20), while bids remained at $490-495/mt cfr. Turkish mills are targeting lower prices as the number of offers have increased due to abundant supply.
Several European suppliers emerged in the market to sell HMS 1&2 (80:20) with offers below $500/mt cfr, in addition to the already available US and Baltic cargoes, after the euro weakened against the US dollar.
Rebar sales are slow in the Turkish domestic market, though spot prices increased by TRY50-70/mt to TRY7,300-7,420/mt ex-works, including 18pc VAT on Monday amid fluctuating exchange rates.