Turkey’s longs exporters have maintained the firm intention of following the uptrend in the scrap segment in their own pricing, though overseas sales remain sporadic. However, the general workable level for rebar has increased this week with a sizable cargo freshly booked to Asia.
A Marmara region-based Turkish mill has traded 55,000 mt of rebar to Hong Kong this week at $435/mt CFR on actual weight basis, with the cargo for late August shipment. The deal price is estimated at around $410/mt FOB or slightly above. No fresh negotiations have been reported in Singapore where consumption remains subdued. “Singapore has been in a lockdown period for over two months and some of the buyers have plenty of stocks. It might take some time for them to come back to the market,” a source told SteelOrbis. In addition, some small lots have been sold from Turkey to Israel at up to $415/mt FOB to be shipped in June. As a result, this week Turkish rebar is offered mainly at $415-420/mt FOB for June-July shipments, up $10/mt on the lower end over the past week. However, $410/mt FOB is considered possible for serious buyers.
In the wire rod segment, Turkey’s export offers have moved up by $5-10/mt and are currently standing at $430-450/mt FOB, mainly for June-July shipments. A 1,500-2,000 mt lot of wire rod has been traded at $430/mt FOB to Israel for June shipment.