Turkish mills are targeting higher rebar export longs prices amid higher import scrap prices. However, international buyers do not seem to be ready for a price increase, which has caused negotiations to slow down. The Chinese New Year holiday is now over, and so the market is expected to gain more clarity by next week. Moreover, the Turkish domestic rebar market also lacks promise due to adverse weather conditions causing a slowdown in the construction sector.
According to Turkish Statistical Institute (TUIK), in 2024 Yemen was the leading importer of rebar from Turkey, with almost 660,000 mt, down 10.2 percent year on year. Albania and Romania were next, importing around 210,000 mt and 217,000 mt, respectively. These three export destinations seem to be the target destinations for 2025 so far.
Currently, ex-Turkey rebar prices vary at $565-570/mt FOB, versus $550-560/mt FOB a week earlier, with cargoes for late February-March shipments. No fresh rebar sales have been heard so far.
In the Turkish domestic rebar market, official rebar offers and workable rebar prices have respectively settled at $560-580/mt ex-works, up by $10/mt on the lower end week on week, and at $560-575/mt ex-works, up by $15/mt over the same period (in the Marmara and Izmir regions). The main reasons are the higher production costs and the ongoing currency fluctuations. However, as the week is about to end, trading activity seems to be slowing down and additional discounts are considered possible for serious buyers, to generate sales both for local traders and mills. Integrated mill Kardemir has succeeded in selling around 15,000-18,000 mt of rebar this week at $567/mt ex-works, while its sales are still open at the time of publication.
In the wire rod segment, most Turkish mills are offering at $570-580/mt FOB, for late February-March shipments, up by $10/mt over the past week. In addition, the workable Turkish domestic wire rod prices vary at $560-580/mt, versus $550-565/mt ex-works last week. Moreover, Kardemir issued its 6-27 mm wire rod of SAE 1008-1010 grade at $565/mt ex-works, yesterday, February 5.
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