Turkish mills are attempting to hike their longs prices due to costlier import scrap and billet, and given the relatively positive sentiment in the Chinese longs market after its holiday. However, most international buyers do not seem ready to accept higher export prices due to the unclear global financial situation and the unrest in the Middle East region. In addition, North African suppliers seem to cover major export destinations and leave little room for Turkish mills to export. In the Turkish domestic rebar market, prices have been increasing nearly on a daily basis due to the limited supply and higher production costs.
Currently, Turkish rebar export prices vary at $620-630/mt FOB for November shipment, rising by $20/mt over the past week. A few mills are even testing $640/mt FOB, though this level is considered overpriced. Sources have reported that around 4,000 mt of rebar have been traded to Kosovo at $620/mt FOB for November shipment this week.
In the Turkish domestic rebar market, most mills in the Izmir and Marmara regions are offering rebar at $625-655/mt ex-works, while the higher end seem a little difficult to achieve for now. Moreover, a sale of a small tonnage of rebar was rumored at close to $620/mt ex-works yesterday. Last week, the offers in the Marmara region were at $620-635/mt ex-works, including offers from Icdas A.S. In addition, an Iskenderun-based mill has also issued its rebar price at around $655/mt ex-works today, October 9. Sources report the upward rebar price trend in this region is due to limited supply and the ongoing construction projects. Moreover, Kardemir issued its rebar price earlier today at $642/mt ex-works and succeeded in selling around 20,000 mt of rebar with its advantageous payment terms.
In the wire rod segment, most Turkish mills are offering at $630/mt FOB for November shipment, up $10-20/mt over the past week. "No fresh wire rod export sale has been heard since the beginning of the month," a source commented. In addition, Turkish domestic wire rod prices vary at $625-645/mt ex-works, versus $620-630/mt ex-works a week ago. An Iskenderun region-based mill issued its wire rod price at $640/mt ex-works today. Moreover, Kardemir also announced its price for 6-27 mm wire rod of SAE 1008-1010 grade at $640/mt ex-works earlier today.
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