A Turkish mill has closed a 30,000 mt rebar deal to the United States at $565/mt CFR on theoretical weight basis, duty paid. The cargo is for December shipment to be discharged at two ports and the base price is calculated at around $445/mt FOB on actual weight basis. With the mentioned sale, the supplier has filled its 50,000 mt vessel, taking into account a previous booking to another American customer.
Latin American countries have been also active in terms of rebar purchases from Turkey. Last week, around 20,000 mt of rebar were sold to Brazil for December shipment at $445-450/mt FOB, SteelOrbis has learned. In addition, another Turkish mill is about to ship large rebar volumes to Peru and Brazil, but the tonnages were booked a few weeks earlier.
In addition, this week a 55,000 mt ex-Turkey rebar cargo was sold to Hong Kong at $472/mt CFR or close to $440/mt FOB base. The seller is in negotiation for another similar lot for January shipment, targeting close to $475/mt CFR, SteelOrbis has learned.
Overall, taking into account that scrap prices have been inching up and that Turkish mills are mainly sold out for December export shipments, most sellers have been targeting to sell at $445-450/mt FOB, slightly up from the end of last week.