Ex-Turkey rebar prices rise, business moderate

Tuesday, 12 January 2021 17:36:19 (GMT+3)   |   Istanbul
       

Ex-Turkey rebar export offers have increased by $7,5/mt on average over the past week to $650-660/mt, versus $640-655/mt FOB, for March-April shipments.

Some good demand for Turkish rebar has been coming from Asian markets. One Turkish mill, according to sources, has traded 50,000 mt of rebar to Hong Kong at $685/mt CFR, which is equal to $650/mt FOB base, for April shipment SteelOrbis estimates. Some market players state there was another cargo of Turkish rebar sold to Singapore at around the same price, but the information has not been confirmed by the time of publication.

Peru is still one of the key export destinations for Turkey. According to sources, last week 16,000 mt of rebar and 4,000 mt of wire rod were sold to this destination at $650/mt FOB and $740/mt respectively for March shipment. In addition, a few enquiries from other Latin American buyers have been heard this week.

The local Turkish market remains quiet due to rapid currency fluctuations, apart from Kardemir’s recent rebar sales of a total of around 30,000 mt of rebar at $640/mt ex-works, including volumes traded earlier. Most Turkish mills are currently offering rebar mainly at $642-670/mt ex-works at the current exchange rate.

In the wire rod market, a few Turkish mills are still voicing offers at $740/mt FOB, stable over the past week. No fresh wire rod sales have been heard for now.


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