Israeli rebar buyers, who have in recent times been one of the key sales outlets for Turkish mills, have been showing rather more moderate business activity lately.
One of the reasons is that the Israeli importers are being a bit cautious regarding the uptrend in Turkey, and so have been booking only limited lots. In particular, last week a Marmara-based mill sold a mixed lot of rebar and wire rod (5,000-10,000 mt) to Israel at $410/mt FOB and $440/mt FOB for November shipment, respectively. Current offers for rebar from Turkey to Israel are heard at around $415-420/mt FOB for November-December shipments, while wire rod can still be booked at $440/mt FOB, Steel Orbis understands. Ex-CIS offers are expected to gain clarity next week, with the most recent reported levels being in line with prices from Turkey.
Another reason for Israel to postpone active bookings is the currently high level of stocks. According to sources, currently there are around 100,000 mt of various steel products at Israeli ports.