As Turkish mills were attempted to raise their longs prices last week, most international buyers exert pressure for further discounts due to the adverse weather conditions and monitoring the import scrap price trend. As a result, most mills have cut their longs export prices in order to generate sales. Nearby destinations like Europe and Balkan are still the target markets due to the geopolitical unrest in the Middle East.
Currently, ex-Turkey rebar offers vary at $615-620/mt FOB versus $625/mt FOB for February-early March shipment. According to sources, around 20,000 mt of rebar were traded to Bulgaria at $610/mt FOB last week, while the sale of another small rebar lot to Yemen has been rumored at slightly below $610/mt FOB on actual weight basis. However, neither of the deals has been confirmed by the time of publication. "I believe the workable rebar price level is close to $615/mt FOB" one source is commented.
In the local Turkish rebar market, most mills in the Izmir and Marmara regions are offering official rebar prices stable at $625-645/mt ex-works, including Icdas A.S. over the past week, while the lower end seems more workable under the current market conditions.
In the wire rod segment, offers vary at $630-635/mt FOB versus $635-645/mt FOB for February-early March shipment. Sources have told SteelOrbis that around 30,000 mt of wire rod have been traded to the Netherlands via a trader at slightly below $630/mt FOB. In the local Turkish wire rod market, the general price levels vary at $635-665/mt ex-works, up by $5/mt on the higher end over the past week. In addition, Kardemir's price for 6-27 mm wire rod of SAE 1008-1010 grade is still at $645/mt ex-works since Wednesday, January 10.
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