Rebar export prices from Turkey have been following a decreasing trend, amid the decline in the scrap segment and overall quiet international demand. In addition, rising freight rates becomes one of the main constraints facing exports these days since they are putting pressure on mills’ margins. International buyers are exerting pressure for further discounts amid weaker scrap prices. Also, some buyers are taking their time as they believe further discounts may be on the table at short notice.
This week, most official offers from mills have decreased by $10-20/mt to $720-730/mt FOB while levels $10/mt lower are possible for serious buyers. Most Turkish rebar producers are focusing on the Far East and Latin America to generate high-volume rebar sales. Most suppliers are in the market to sell for October shipments, while limited tonnage is available for September. A sale of around 5,000 mt, according to sources, has been closed to the UK at $710/mt FOB.
In the local Turkish market, Icdas A.S. has decreased its official rebar price from $730/mt ex-works to $710/mt ex-works. In addition, sources report around 20,000 mt of rebar were sold in the Marmara region at TRY 6,850/mt ex-works, which equals $690/mt ex-works. Although small-tonnage rebar sales were concluded at $690-700/mt ex-works earlier this week, a few mills have even started testing $680/mt ex-works as of today, SteelOrbis has learnt. Moreover, 30,000 mt of rebar have been traded at $680/mt ex-works today, SteelOrbis has heard.
In the wire rod segment, ex-Turkey wire rod export prices have recently settled at $820-825/mt FOB mainly for October shipment, while a 4,000 mt lot of wire rod was traded to Spain at $835/mt FOB for September shipment,SteelOrbis has learned.