While import scrap prices are on the rise and offers for all semi-finished and finished products have increased in Turkey, local buyers have gradually been accepting higher levels for domestic and import billet.
In the import segment, small volumes have been booked at $412-415/mt CFR to the northern part of the country and the general level of offers to Turkey does not exceed $415/mt CFR in most cases. However, the majority of large sellers have been holding back their offers, aiming to see new developments in the scrap and local billet and rebar markets in Turkey.
Locally, the liveliest movement has been seen in the Iskenderun region this week. Before the holiday, 10,000 mt were sold at $419/mt ex-works, following a $418/mt ex-works deal. This week, one lot was sold at $423/mt ex-works and two lots of 5,000 mt and 10,000 mt were closed at $424/mt ex-works with two different mills. However, currently the range between rebar prices and local billet, which is offered at $430/mt ex-works in the region, is too narrow for rebar rollers to purchase billet at this level. In the Izmir region, offers are also said to be closer to $430/mt ex-works, with no deals reported. In the Karabuk region, buyers and import billet sellers are waiting for Kardemir’s move next week, SteelOrbis understands. Some sources expect nothing below $425/mt ex-works will be announced by the producer.