Ex-Turkey long steel offers have moved up again amid the positive sentiment in the import scrap segment and mills being mainly sold out. Most international rebar buyers are in wait-and-see mode due to the holiday season.
Turkish rebar export prices are nowadays settled at $630-650/mt FOB for March shipments and slightly above, versus $615-625/mt FOB seen a week ago. A few mills have stopped quoting until the end of the year. Some rumours are circulating regarding a possible rebar sale to Peru at around $640/mt FOB, but the information has not been confirmed by the time of publication.
The local Turkish rebar market is also silent after the sharp increases. The producers’ current rebar prices are at $627-635/mt ex-works for now. Most local buyers are also awaiting the Turkish Central Bank’s interest rate decision which will be released on December 24. In addition, while government-based construction projects are still ongoing, property construction has slowed down due to the sharp increases in local rebar prices.
In the wire rod market, a few Turkish mills are voicing offers at $710-720/mt FOB for March shipments, up by $5-15/mt over the week. However, some mills are refraining from quoting any export price for now. No fresh deals have been heard.