Turkish rebar producers are aiming to keep their longs export prices firm due to the possible increase in their production costs, while most international buyers are exerting pressure for discounts and are postponing their purchases until import scrap and longs export prices hit the bottom. As a result, Turkish longs exports may be considered to be muted under the current market conditions.
Currently, ex-Turkey rebar offers are available at $590-600/mt FOB, versus $605-615/mt FOB for late March-April shipment a week ago. A few buyers have bid at $580/mt FOB, SteelOrbis has heard. Around 10,000-15,000 mt of rebar were sold to Africa and the Balkan region last week at $590-595/mt FOB, while no fresh rebar sales have been heard this week so far.
In the local Turkish rebar market, the official rebar price range is standing at $600-615/mt ex-works, versus $605-625/mt ex-works a week earlier. Sources report the workable rebar price range is at $595-605/mt ex-works for serious buyers. Although this is the last week before Ramadan, trading activity is still slow as most buyers are taking their time before concluding new purchases due to weaker import scrap prices.
In the wire rod export segment, offers levels are at $605-610/mt FOB for late March-April shipment, versus $615-620/mt FOB a week ago. Local official wire rod prices are at $615-640/mt ex-works, versus $620-650/mt ex-works a week earlier. In general, market sentiment is on the weak side.
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