Ex-Turkey official merchant bar prices soften

Over the past week, most Turkish merchant bar re-rollers have cut their official export prices by $10/mt to $630-660/mt FOB against the backdrop of weaker import scrap prices. Currently, official ex-Turkey equal angle offers are standing at $630-660/mt FOB, for late March-April shipment. Most international buyers are exerting pressure for further discounts due to the negative sentiment in the import scrap segment. As a result, the lower end seems more workable under the current market conditions.

The SteelOrbis daily Turkish billet import reference price stands at $535-555/mt CFR, versus $535-560/mt CFR a week ago.

“A few buyers in the Balkan region are only completing the missing sizes in their stocks, so they are not in a rush to restock high quantity for now,” one source commented.

All prices are on FOB basis for late March-April shipments.