The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) remained unchanged at $419.17/mt cfr on Wednesday on the absence of trades.
The market is in a standoff with Turkish buyers targeting $410-415/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region, while sellers have resisted those levels and chosen not to offer material.
Market participants believe negotiations could kick off later this week or early next week as Turkish mills require around 10 deep-sea cargoes for April shipment. Mills will also need to step in to book cargoes for May shipments. As a result, some suppliers believe that the market is at or near a bottom.
Daily domestic spot rebar prices in Turkey slid by TRY30/mt ($4/mt) from the lower end of the previous range to TRY5,520-5,620/mt ex-works on Wednesday. Icdas increased its local rebar prices by TRY60/mt to TRY5,850/mt ex-works Biga and TRY5,930/mt ex-works Istanbul. All domestic prices include 18pc VAT.
($1=TRY7.92)