The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) dropped by $3.88/mt to $447/mt cfr on Thursday as buyers continued to push bids lower.
A Baltic exporter offered HMS 1&2 (80:20) at around $445/mt cfr, while a European exporter offered a mixed cargo at $450/mt cfr but both received no takers.
Mills haven’t offered any firm bids and have instead chosen to dangle wide ranges, much lower than prevailing offer ranges, in an attempt to gauge suppliers’ resistance levels. Turkey’s mills have booked around half the required tonnages for April shipment and can slow down purchasing activity in an effort to lower prices.
Daily domestic spot rebar prices in Turkey dropped by TRY80-110/mt ($11-15/mt) to TRY5,550-5,580/mt ex-works, including 18pc VAT on Thursday due to volatile exchange rates. Icdas reduced its local rebar prices by TRY145/mt to TRY5,625/mt ex-works Biga and TRY5,705/mt ex-works Istanbul (prices include 18pc VAT).
Daily rebar export prices in Turkey moved to $645/mt fob on Thursday versus $645-650/mt fob a day ago.