Turkish mills have revised their long steel export prices downwards in line with the negative sentiment in the import scrap segment and also due to the insufficient demand for rebar.
Rebar export offers from Turkey have decreased by another $10/mt since earlier this week to $620-630/mt FOB for May shipment. By the end of the week, a report of a 50,000 mt rebar sale from Turkey to Asia at $655/mt CFR has been heard in the market. There has been no confirmation regarding the destination and sources believe the deal may have been concluded to Singapore taking into account that in this case the FOB base level would be netting back to $620-625/mt FOB. Some sources mention that the deal was close to Hong Kong, but most market players believe this is hardly possible because in that case the deal would mean a price of $600/mt FOB or so, which is too low for the time being.
In the local Turkish rebar market, the Izmir region is very active as regards rebar purchases due its aggressive pricing policy for local buyers, with around 30,000-40,000 mt of rebar being traded at TRY 5,255/mt ($610/mt) ex-works in the Izmir region earlier today, with the exchange rate at $1 = TRY 7.30. Moreover, around 15,000 mt of rebar were traded at $615/mt ex-works in the same region yesterday.
In the wire rod segment, sources report a few mills are voicing $680-700/mt FOB as the week ends, while earlier the offers were mainly at $700-720/mt FOB.