Turkish producers have cut their rebar export prices further amid the negative sentiment in the import scrap segment, rising freight costs and poor international demand for rebar. Most Turkish mills are offering rebar for October shipment, while limited tonnages are available for late September shipment.
Over the past week, the general rebar export price range from Turkey has dropped by $20-25/mt to $695-710/mt FOB depending on the mills and their order books. Most international buyers are exerting pressure for further discounts as they are also taking the advantage of the aggressive pricing policies from Indian and Middle Eastern suppliers, specifically for Far Eastern markets.
Around 1,500 mt of rebar has been traded from Turkey to Mauritius at $700/mt FOB for October shipment. Moreover, small tonnages of rebar are rumoured to have been sold at $695/mt FOB to Israel.
In the local Turkish market, the general price range is at $680-710/mt ex-works today. Most local traders were waiting for the Turkish Central Bank interest rate decision today, with stable interest rates announced, and they are not in a rush to restock material as some of them had already replenished their stocks last week.
In the wire rod segment, export demand seems better than for rebar. Turkish wire rod export prices are currently standing at $810/mt FOB, versus $820-825/mt FOB previously, mainly for October shipment. According to sources, this week around 30,000 mt of wire rod has been traded from Turkey to the Netherlands at $810/mt FOB for September shipment. In addition, around 3,000 mt of wire rod were traded to Israel at $820/mt FOB earlier this week.