In this week's Turkish domestic merchant bar market, prices have shown some softening as compared to last week due to low demand. Domestic angle prices, which were at TRY 1,248-1,310/mt + VAT on actual weight basis last week, have declined to TRY 1,248-1,290/mt + VAT on actual weight basis as of this week. As can be seen from SteelOrbis Steel Reference Prices, local angle prices had increased continuously up to this week; however, prices now seem to have settled. As buyers in the domestic market remain reluctant to conclude new purchases before the general election on June 12, the market now seems sluggish.
Last week, Turkish mills' angle export offers were at $785-795/mt FOB on actual weight basis. This week, since demand is quiet in Turkish mills' export markets with buyers adopting a wait-and-see stance, export offers have slightly softened to $780-790/mt FOB on actual weight basis, for shipments in late June.
According to the information provided by the Istanbul Mineral and Metals Exporters' Association (IMMIB), Turkey's top 10 merchant bar export markets in May this year were as follows:
Country | Volume (mt) | |
May 2010 | May 2011 | |
23,743 | 24,111 | |
15,673 | 15,535 | |
Saudi Arabia | 25,980 | 14,513 |
Brazil | 481 | 14,252 |
UAE | 4,375 | 11,869 |
Algeria | 6 | 8,066 |
Nigeria | 128 | 7,029 |
UK | 6,389 | 6,829 |
Romania | 1,285 | 5,600 |
South Korea | - | 3,047 |
According to these data, Turkey's merchant bar export offers to Morocco and Iraq did not show any significant changes in May this year, compared to May 2010, while merchant bar sales to Brazil, the UAE, Algeria and Nigeria increased significantly. In the meantime, in May Turkey's total merchant bar exports totaled 179,218 mt, rising by 27 percent year on year. Comparing the May export volume to April, Turkey's merchant bar exports to Morocco increased from 5,099 mt to 24,111, while its exports to Saudi Arabia rose from 11,230 mt to 14,513 mt, and finally its exports to the UAE reached 11,869 mt, rising from 5,804 mt in April.