Ex-Turkey merchant bar prices decline

Over the past week, most Turkish merchant bar re-rollers have cut their official export prices by $20/mt to $580-610/mt FOB against the backdrop of the sluggish international demand and weaker import scrap and billet prices. Currently, official ex-Turkey equal angle offers are standing at $580-610/mt FOB (€549-578/mt), for January shipment.

The SteelOrbis daily Turkish import billet reference price stands at $450-500/mt CFR, versus $490-515/mt CFR a week ago.

"Italian merchant bar producers are applying aggressive pricing strategies and are rumored to be around €30-40/mt lower than Turkish merchant bar export prices. Most European buyers are not willing to handle the import process unless offer prices are aggressive. In addition, the UK merchant bar quota has already been exhausted," one source mentioned. Also, Latin America, specifically Guatemala and Peru, are rumored as possible export destinations lately.

All prices are on FOB basis for January shipment.