Turkey’s longs producers have not missed their chance to increase prices for rebar, wire rod and billet over the past week, supported by the general global uptrend, firm scrap prices and some decent demand. Most market sources report that Turkish producers are not under much pressure to sell longs nowadays because some good volumes have already been traded for January production. Moreover, their new prices levels have already been supported, specifically by buyers from Latin America.
The latest rebar export offers from Turkey have been voiced at $480-490/mt FOB for January-February shipments, up by $20/mt over the past week. According to sources, two mills have traded 10,000 mt and 11,000 mt to Jamaica and Chile, with both deals closed at $480/mt FOB. “This time the reason for the increase is not scrap. The demand for finished products is having more of an effect than the lack of material, but for sure tight scrap availability is fueling the fire,” a trader told SteelOrbis.
Turkey’s wire rod prices have increased by $20/mt since earlier this week to $560-575/mt FOB for February production and March shipments. Mills report that there has been interest in the MENA region for some lots of 10,000-15,000 mt and above.
In the billet segment, Turkish mills have also increased their prices. After the sales at some $430-435/mt FOB, the latest offers have been voiced at $450-460/mt FOB. “Those levels are hard to believe, but indeed there are a lot of bids at $430/mt FOB already,” a market player said.