The sharp fall in import scrap prices in Turkey, fixed in the most recent transactions, has as expected resulted in weaker long steel prices from the country’s exporters.
Ex-Turkey rebar prices for late September and October shipments have moved down by $5/mt over the past week to $430-435/mt FOB. However, while demand remains generally quiet, rare bids are coming below the mentioned levels, SteelOrbis understands.
The wire rod export prices for October shipments are currently standing at $465-470/mt FOB, versus $475-480/mt FOB available last week. Market sources indicate that Turkey has sold approximately 9,000-10,000 mt of wire rod to the Middle East at $475/mt FOB, with the deal being closed earlier this week.