Turkish rebar suppliers have still been struggling with insufficient demand, since exports still face challenges in view of the competition with North Africa, while in the domestic market trade is somewhat lagging behind the expected seasonal improvement. Still, despite rather high costs particularly in terms of labor, energy and raw materials, the current price levels allow the mills some minimal margins, while very significant price increases appear rather unlikely.
Currently, ex-Turkey rebar prices are ranging within $565-570/mt FOB for late March and April shipments, unchanged for two weeks in a row. However, these rebar price levels are difficult to achieve given the sluggish demand generally seen in the export markets. Turkish mills are also monitoring developments regarding US tariff policies, following the official implementation of 25 percent duties by the US on all goods imported from its two leading trading partners - Canada and Mexico - as of March 4. According to sources, Turkey seems to be on the safe side as the trade surplus between Turkey and the US is not significant for now. However, considering the recent unpredictability of global political and trade decisions, the situation could change in the near future. Currently, Turkish mills are rather cautious regarding potential sales to the US, considering also the revision of the existing AD duties on Turkey in the US, due in May.
In the local Turkish rebar market, official offers and workable prices have settled at $560-580/mt ex-works depending on the region, up by $10/mt on the lower end week on week. In the Izmir and Marmara regions specifically, the levels are at $555-570/mt ex-works, versus 545-565/mt ex-works a week ago. In addition, two Iskenderun region-based mills are offering rebar at around $565/mt and $572/mt ex-works, for an extended delivery period. The workable price levels in the region, according to sources is at $563-567/mt ex-works according to the current exchange rate of $1 = TRY 36.44.
In the wire rod segment, most Turkish mills are still offering for export at $570-580/mt FOB, for late March-April shipments. In addition, the workable Turkish domestic wire rod prices vary at $555-575/mt ex-works, also unchanged over the past week.
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