Turkish mills are already working at reduced capacity and most mills are planning maintenance works in December ahead of the holiday season. Israel and Yemen are the two main regular export destinations for Turkey. Most European buyers are exerting pressure for further discounts and are not in a rush to restock material ahead of the holiday season.
Ex-Turkey rebar export prices are testing $660-670/mt FOB for December shipment, versus $635-640/mt FOB a week ago. A 10,000 mt of rebar has been traded to Yemen at $650-655/mt FOB on actual weight basis this week, SteelOrbis has heard.
In the Turkish domestic market, most mills in the Izmir and Marmara regions are offering rebar at $670/mt ex-works, following Icdas' rebar price hike today. Over 20,000 mt of rebar were traded at $640-645/mt ex-works in the Izmir region earlier this week, while Kardemir has succeeded in selling around 22,000 mt of rebar at $660/mt ex-works today.
In the wire rod segment, a few mills are testing 690$/mt FOB, while most mills are offering wire rod at $670-680/mt FOB, versus $660/mt FOB a week ago.