Turkey is entering the Feast of Sacrifice holiday period with another price increase, fixed in deals for square billet. The key reason is costlier scrap, which makes buyers fear that offers for semis will climb further. In addition, there is some optimism regarding the demand for rebar in the local market after the holiday.
In the local market, according to sources, two small lots were sold in the Karabuk area at $410/mt ex-works this week, in line with the price in the earlier reported deals in the Iskenderun region. However, the latest deals in the Iskenderun region have been reported at $415/mt ex-works for around 10,000 mt. Some sources, however, note that the volume was less and that the price was $412/mt ex-works. Other mills in the region are offering close to $420/mt ex-works, SteelOrbis has learned. Kardemir is expected to open billet sales after the holiday with a minimum price of $415/mt ex-works.
Import offers have remained at $405-415/mt CFR for September-October shipments. CIS-based mills are mostly not in a rush to book as their allocation is limited and the scrap trend looks positive for now. A small sale was closed for prompt shipment at $408/mt CFR Bartin this week. More negotiations are expected after the holidays, but the producers would first like to see the scrap and rebar situation.