Turkish long producers are finding it difficult to decide on a definite rebar offer price range due to scrap price fluctuations. The uptrend in scrap lasted around a week and prices have now rolled back, and so buyers expect rebar offers to go down as well.
Most mills are currently quoting rebar at $395-405/mt FOB for June shipments, while higher levels are available in the market for official pricing. Moreover, some producers are avoiding quoting any long product due to the upcoming holiday and the unclear market situation. Some market players expect Turkey to sell some rebar lots soon to Asia, where sentiment has improved due to the positive situation in China.
Turkish domestic rebar sales have slowed down this week as stocks were replenished earlier. Around 10,000 mt were traded this week at $395/mt ex-works, while there are still offers $5-10/mt higher.
In the wire rod segment, Turkey’s export offers have decreased $5/mt on the higher end and have been at $415-430/mt FOB this week, while higher offers are given by a few mills for longer delivery terms. Sources report inquiries are coming from the European Union.