Turkish rebar producers have once again failed to avoid another drop in their export prices, being under pressure from weak scrap prices, insufficient domestic and overseas demand, and constantly falling billet prices.
Currently, a few suppliers are quoting rebar for June shipments at $770-780/mt FOB, versus $800-830/mt FOB a week ago, while a few mills have stopped offering for now. Due to the silence in the international demand, most buyers are exerting pressure for further discounts. According to sources, a few European customers are bidding at $750-760/mt FOB for 10,000-15,000 mt lots of rebar. However, no fresh rebar sale has heard for now.
In the Turkish domestic market, most mills in the Izmir and Marmara regions are offering official rebar prices at $780/mt and slightly lower levels are on the table for serious buyers, versus $800-870/mt ex-works a week ago. According to sources, around 10,000 mt of rebar were traded at $760/mt ex-works in the Marmara region in the past two days.
In the wire rod segment, ex-Turkey export offers are at $900/mt FOB, versus $930/mt FOB for June shipments a week ago. According to sources, one mill is quoting prices at as low as $820/mt, versus $850-860/mt FOB for June shipments a week ago.