The daily Davis Index for Turkish imports of US-origin HMS 1&2 (80:20) was unchanged at $423.75/mt cfr on Friday as negotiations failed to deliver any confirmed deals at the time of publication.
However, a new sale from Venezuela to Turkey was confirmed after the index deadline at a heavy melt price level of $416/mt cfr. The deal equates to around $420-421/mt cfr for US-grade HMS 1&2 (80:20), Davis Index understands.
Turkish mills were also heard to have booked a few cargoes from the Baltic region at $420-425/mt cfr for HMS 1&2 (80:20) earlier in the week, but no details or confirmations were available at the time of publication.
Asian bulk markets slipped $4/mt lower after a South Korean producer booked a cargo from Russia at an A3 price level of $445/mt cfr. The Davis Index for bulk HMS 1&2 (80:20) cfr Vietnam dropped to $461/mt cfr on Friday, from $465/mt the prior day.
Demand from Turkey for imported ferrous scrap is expected to be slim next week and mills hope to achieve lower prices as some suppliers will likely need to book sales.
Trading was limited in the Azov-Black Sea basin with bids dropping to around $395/mt cfr for HMS 1&2 (80:20) from Romania and Bulgaria.
Daily domestic spot rebar prices in Turkey declined by TRY20/mt ($2/mt) to TRY5,830-5,900/mt ex-works on Friday. Icdas dropped its local rebar prices by TRY70/mt to TRY5,880/mt ex-works Biga and TRY5,960/mt ex-works Istanbul. All domestic prices include 18pc VAT.
Rebar export prices in Turkey were unchanged at $640/mt fob with no new transactions reported.
($1=TRY8.07)