Turkish mills are attempting to maintain their existing longs export prices amid high production costs and the positive sentiment in the import scrap segment, while some of the mills are targeting even slightly higher prices despite the weak demand. In the meantime, the Turkish domestic rebar market seems relatively quiet ahead of the Eid holiday, which is to start on June 6. Most local buyers are refraining from new purchases, maintaining optimal stock levels. Moreover, a few Turkish mills have already closed their rebar sales until Monday, May 26.
Currently, ex-Turkey rebar offers vary at $555-565/mt FOB for June shipments, up by $5/mt week on week. According to sources, small tonnages of 1,000-5,000 mt of rebar have been traded to the Balkan region at $560-565/mt FOB lately. In the EU, the quota seems to be filled for the third quarter with only limited opportunities to sell, taking into account the trades closed in late April. Some livelier sales are expected to the US given the recent revisions of duties for some Turkish mills. However, others believe it will take time to restore trading connections.
In the Turkish domestic rebar market, official offers have settled at $560-565/mt ex-works, up $10/mt on the lower end week on week. In the Izmir and Marmara regions, the workable levels are at $550-560/mt ex-works, also up by $5/mt on the lower end over the past week. In addition, an Iskenderun-based mill has offered its rebar prices at around $563/mt ex-works, for an extended delivery period. According to sources, the latest workable rebar price in this region stands at around $552-557/mt ex-works.
In the wire rod segment, most Turkish mills have also raised their offers, by $10/mt to $565-575/mt FOB, up by $5/mt for June shipments. In addition, the workable Turkish domestic wire rod prices vary at $555-570/mt ex-works, stable over the past week.
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