The challenging positions of Turkish rebar mills have become even more unfavorable by the end of the current week. Low priced-domestic sales in the Izmir region have additionally impacted the general market mood, which had already been negative due to falling billet and scrap prices.
Currently, ex-Turkey rebar prices are standing at $610-630/mt FOB, versus $640-650/mt FOB offered earlier this week. In the local Turkish market, the highest workable rebar price is available at $620/mt ex-works in the Marmara region, while recently around 30,000-45,000 mt have been sold in the Izmir region at $585-590/mt ex-works, followed by offers in the same area at $595/mt ex-works from one supplier.
Taking into account the weak sentiment in the import scrap and the pressure from aggressive ex-Russia billet pricing, most market sources believe Turkey’s rebar export prices will fall to $600/mt FOB and below.
In the wire rod segment, a few mills are offering wire rod at $640-680/mt FOB, versus $680-700/mt, for September shipments. Sources report a few mills are testing slightly below the lower end for serious buyers.