Turkish longs producers have continued dropping their longs prices following the recent sharp decreases in the import scrap and billet segments. Most international buyers are maintaining a wait-and-see stance and waiting for import scrap prices to hit the bottom in the short term. As a result, Turkish suppliers are focused on giving aggressive prices in order to convince international buyers to make purchases.
Currently, ex-Turkey rebar prices are available at $620-625/mt for July-early August shipment, down $25/mt on the upper end over the past couple of days. According to sources, a 40,000-50,000 mt rebar cargo was sold to Hong Kong at $670/mt CFR actual weight with around $45/mt freight. However, the supplier has not confirmed the deal by the time of publication.
In the local Turkish market, Icdas has cut its rebar price by $30/mt to $630/mt ex-works today. Moreover, rebar prices from mills in Turkey vary at $600-640/mt ex-works, versus 660-685/mt ex-works a week ago in the Marmara and Izmir regions. Around 25,000 mt of rebar were traded at $600/mt on Friday, June 24. while local traders’ spot rebar prices were standing at $597-624/mt at the same time.
In the wire rod segment, Turkish export prices for July-early August shipments are available at $645/mt, versus $675- $690/mt at the end of last week. No fresh wire rod deals have been heard for now.