Turkey’s longs exports have remained weak mainly due to the low level of international demand, while Turkish mills do not find themselves in a position to provide discounts amid the uncertain import scrap price trend. In the domestic market, consumption is still weighed down by the country’s domestic financial situation, but some buyers have decided to restock before the local elections, as had been expected.
The export price levels for rebar from Turkey are now at $580-600/mt FOB, similar to the last week, while levels slightly below the lower end of the range are considered possible by some suppliers. Deals are reported to have been closed last week to Albania and Serbia at $580-585/mt FOB, while a sale to an undisclosed destination was heard at $577/mt FOB. Moreover, negotiations for the sale of a rebar cargo totaling 30,000 mt to the Caribbean at around $580/mt FOB have been hear in the market.
In the local Turkish rebar market, most mills in the Izmir and Marmara regions are offering rebar at $600-620/mt ex-works, while additional sizeable discounts are applicable for serious buyers. In the Izmir region, the prices are the lowest for now, with a sale of a small rebar lot heard at slightly below $595/mt ex-works earlier this week. In addition, earlier today Kardemir succeeded in selling 25,000-30,000 mt of rebar at $608/mt ex-works with its advantageous payments and the sales were closed within a very short period of time. “This gives the market some positive signal since far below $600/mt ex-works now seems a not very realistic price to achieve for rebar,” a trader told SteelOrbis.
In the wire rod segment, offer levels are still at $605/mt FOB for April shipments. A possible wire rod sale to Europe has been rumored, though no details have been disclosed by the time of publication. “The European wire rod quota is about to be exhausted, so buyers are extra cautious as regards possible new purchases,” a source commented.
Local Turkish wire rod prices still vary at $610-640/mt ex-works. In addition, Kardemir is offering its 6-27 mm SAE 1008-1010 grade wire rod at $605/mt ex-works today.