Long steel export prices from Turkey have increased week on week due to another price hike in the scrap segment. Latin America remains one of the key export destinations for Turkish suppliers.
Currently, ex-Turkey rebar offers have settled at $635-645/mt FOB for April shipment, versus $615-625/mt FOB last week. According to sources, a deal for 25,000 mt of rebar was closed to Brazil at $665/mt CFR last week, with the estimated average freight at around $35/mt. Moreover, around 8,000-10,000 mt of rebar were also rumored to have been sold to Canada last week, without any price details disclosed by the time of publication. Furthermore, a fresh rebar deal to Latin America at $640/mt FOB has also been discussed in the market this week.
In the local market, most Turkish mills are currently offering rebar at $630-640/mt ex-works, while rebar spot prices were at $624-629/mt ex-warehouse yesterday, February 22.
In the wire rod segment, some Turkish mills are voicing export offers at $710-725/mt, up by $5/mt on the higher end. A few mills are offering higher levels for May shipment. “The price difference between rebar and wire rod is already sky high. It is not logical for now to increase wire rod prices at the same pace,” a source told SteelOrbis.