Turkish rebar producers are slowly returning from the Eid holiday and most European buyers seem cautious regarding new purchases following the start of the new quota period. In addition, demand in the local Turkish rebar market seems relatively silent as some buyers have extended their holiday, while the overall sentiment in the market remains negative amid the political and economic unrest in the country.
Currently, Turkish rebar export offers have remained unchanged at $580-585/mt FOB for April shipment over the past week. However, $575/mt FOB and below seem more acceptable under the current market conditions. No fresh rebar sale has been heard so far.
In the local Turkish rebar market, official offers and workable prices have settled at $575-595/mt ex-works depending on the region, also stable over the past week. In the Izmir and Marmara regions, the levels are at $565-590/mt ex-works, down by $10/mt on the lower end amid the sluggish demand over the past week. In addition, one Iskenderun-based mill has offered its official rebar prices at around $571/mt ex-works, for an extended delivery period, according to the current exchange rate of $1 = TRY 37.92. According to sources, the latest workable rebar price in this region stands at around $565/mt ex-works, at the same exchange rate, for cash payment only.
In the wire rod segment, most Turkish mills have settled their offers at $585-595/mt FOB, for April shipment. The workable wire rod export price seems close to the lower end. In addition, workable Turkish domestic wire rod prices vary at $575-595/mt ex-works, down by $10/mt on the lower end over the past week.