Turkish rebar producers are going through difficult times due to the ongoing depreciation of the Turkish lira against the US dollar, and most local buyers are refraining from new purchases due to the unclear financial situation in the country, the high interest rates for bank loans and the sluggish demand due to Ramadan. Most Turkish mills are doing their best to keep their export prices firm as the number of inquiries is limited and so they are only offering small discounts so far.
In the domestic market, most Marmara-based mills are offering rebar officially at $560/mt ex-works, while the Izmir region-based producers' official rebar prices are available at around $545/mt ex-works, both down $5/mt week on week. One Iskenderun region-based mill has been offering rebar at around TRY 28,800/mt ($547/mt) ex-works and it is rumored that it has raised its rebar price to TRY 29,000/mt ($550/mt) ex-works late in the afternoon due to the ongoing currency fluctuations. The overall workable rebar prices for sizeable tonnages and cash payment have settled this week at $540-555/mt ex-works, down by $5/mt.
In the wire rod segment, official domestic prices in Turkey have settled at $550-570/mt ex-works, depending on the region, down by $5/mt week on week.
Turkish official rebar export prices are available at $540-560/mt FOB for late March shipments, down by $5/mt. "Most European buyers are already handling their ongoing order deliveries and taking their time before concluding new purchases," a source told SteelOrbis.
Official wire rod export offers are standing at $555-575/mt FOB for late March shipments, also down by $5/mt from a week ago. The workable wire rod export price is evaluated at $550-565/mt FOB, down by the same amount over the same period.
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