The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) increased by $2.50/mt to $420/mt cfr on Thursday on persistent demand and limited offers.
Buyers are willing to pay $420/mt cfr for HMS 1&2 (80:20) from the USA and the Baltic region. However, deals are missing as sellers—who believe prices should reach at least $430/mt cfr before they resume negotiations—remain inactive.
Bulk freight rates have increased significantly across the world. Rates are up by $5-7/mt on average because of rising fuel costs, tight vessel supply and a surge in demand across physical commodity groups.
The daily domestic spot rebar price in Turkey increased by TRY20-30/mt ($3-4/mt) to TRY5,040-5,080/mt ex-works, including 18pc VAT, on Thursday as sales continue. Icdas raised its local rebar prices by TRY50/mt ($7/mt) and opened sales in Biga at TRY5,120/mt ex-works, including 18pc VAT, and in Istanbul at TRY5,200/mt ex-works, including 18pc VAT.
The daily export rebar prices remained unchanged at $615-625/mt fob on Thursday, but Turkish mills are insisting on higher levels in negotiations.