Turkish mills are having difficulties in long steel exports as most of their foreign buyers are on hold for purchases and are seeking to put pressure on prices. In the meantime, the local market in Turkey has been rather lively this week, causing mills to focus on domestic sales rather than on exports.
In the local Turkish market, approximately 65,000 mt of rebar were traded at $414-416/mt ex-works and 45,000 mt of rebar were sold at $421-422/mt ex-works. It is safe to say that most traders completed their purchases after the price decrease early this week. Some traders believe the market may be better next week, while the slight upward adjustment in import scrap prices may support their positive sentiment.
Ex-Turkey rebar prices have remained at $415-420/mt FOB for July and early August shipments. Sources report that Yemen and Israel may soon become active in purchases. “Ethiopia is in financial difficulties, and so buyers there are not in a rush for new purchases for now. Singapore already has high rebar stocks and some orders with extended deliveries due to arrive. In addition, Hong Kong is also expected to come back to the market by September,” one source mentioned. No fresh Turkish rebar export deals have been heard.
In the wire rod segment, Turkey’s export offers have remained at $435-445/mt FOB for now, mainly for late July-August shipments. No fresh sales have been heard.