Turkish mills are attempting to balance their longs export prices in line with their domestic longs pricing. As a result, most Turkish mills are attempting to raise their export prices. However, the situation is expected to gain clarity right after the elections on Sunday, May 14. A few mills have started to set their own exchange rate with buyers in order to be on the safe side, in case the depreciation of the Turkish lira against US dollar deepens in the short term. Most international buyers are monitoring the elections and import scrap price trend before restocking material. So, no fresh rebar export sales have been heard at the current longs price levels yet, while a few mills have stopped quoting any longs prices for now.
Currently, a few mills have started testing $650/mt FOB, versus $610-630/mt FOB for May-early June shipment earlier this week. In the Turkish domestic market, the general rebar price range varies at $670-685/mt ex-works today. A few traders are restocking material, which leads Turkish mills to increase their local rebar prices gradually, against the backdrop of the ongoing currency fluctuations and unclear financial situation in the country. Sources report rumors that a total of 150,000-200,000 mt of rebar were traded at $635-650/mt ex-works and slightly higher levels this week, but many people doubt the volume could be that high in the current market circumstances.
In the wire rod segment, a few mills have started quoting $660/mt FOB, up $30/mt for May-early June shipment since the middle of this week. In the local Turkish wire rod market, the price range varies at $665-695/mt ex-works, rising by $20/mt on the higher end as the week ends. All in all, it is safe to say all market players are focusing on the Turkish elections on May 14 and on its possible outcome.