Ex-Turkey merchant bar prices trend up amid higher production costs on March 27

A few Turkish merchant bar re-rollers have increased their export prices by $10/mt on the higher end to $610-630/mt FOB compared to March 13, for late April-May shipment. The main reasons for the increase are higher production costs, in particular higher import scrap and billet prices, as well as increased energy prices due to the war in the Middle East. In addition, a few merchant bar re-rollers are even testing $640/mt FOB, SteelOrbis has heard. However, $640/mt FOB seems a bit high under the current market conditions.

Meanwhile, the SteelOrbis Turkish import billet daily reference price stands at $485-530/mt, versus $470-510/mt CFR two weeks earlier.

All prices are on FOB basis and for late April-May shipment.