Turkish rebar producers are targeting increases in their longs export prices, while international buyers seem to be in not much of a position to accept higher levels. In addition, most buyers in the Turkish domestic market are facing ongoing currency fluctuations due to the political and economic unrest in the country. Although Turkish mills are seeking to increase their rebar export sales due to the relatively favorable exchange rate of the euro against the dollar, international buyers seem to be resisting higher rebar export offers and are taking their time in order to monitor the import scrap price trend in Turkey.
Currently, Turkish rebar export prices vary at $580-590/mt FOB for April shipment, versus $570-585/mt FOB last week. A fresh deal for a small tonnage of rebar, of up to 5,000 mt, is reported to have been closed to the Balkans at around $580/mt FOB this week.
In the local Turkish rebar market, official offers and workable prices have settled at $575-595/mt ex-works depending on the region, up by $5/mt week on week. In the Izmir and Marmara regions specifically, the levels are at $575-590/mt ex-works, also rising by $5/mt week on week. In addition, two Iskenderun region-based mills are offering official rebar prices at around $592/mt and $603/mt ex-works, for an extended delivery period, according to the current exchange rate of $1 = TRY 38.00. The mills' official rebar price indicates a $2-11/mt increase week on week. According to sources, the latest workable rebar price in this region stands at $581-588/mt ex-works with the same exchange rate.
In the wire rod segment, most Turkish mills have increased their offers by $5/mt to $585-595/mt FOB, for April shipment. Moreover, a few mills are even testing $600/mt FOB, SteelOrbis has heard. In addition, the workable Turkish domestic wire rod prices vary at $585-595/mt ex-works, indicating an increase of $10-15/mt over the past week.
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