Turkey’s longs prices surge, mills bullish for further rise

Wednesday, 05 May 2021 17:35:29 (GMT+3)   |   Istanbul
       

Export rebar prices from Turkey have surged by $30-35/mt over the past week, supported by a number of factors. Import scrap prices increased by $18/mt in a fresh deal from the Baltic region. In addition, local demand for rebar has picked up as buyers have been restocking after a long break. There are also positive expectations regarding China in the market, though the situation is foreseen to gain clarity next week. Moreover, Turkey’s export order books for rebar are fairly full for now.

The official export rebar offers from Turkey are now settled at $690-700/mt FOB, although a lot of mills prefer not to disclose their prices, counting on achieving the higher levels shortly. Most market players agree that the market situation is somewhat blurry these days.

A deal has been heard to Peru at $685/mt FOB, while some small export sales have also been closed at $675/mt FOB and later at $700/mt FOB to Israel, but for June shipment. Moreover, 5,000 mt were sold to Africa and 10,000 mt to Europe at $670-680/mt FOB but these were transacted last week.

In the local Turkish rebar market, most mills in the Izmir and Marmara regions are offering rebar at $680-700/mt ex-works, while local rebar spot prices are at around $676-683/mt ex-warehouse today. Around 20,000-40,000 mt of rebar were traded at $655-660/mt ex-works in the Izmir region early this week. Most local traders are optimistic and so they have stocked up some tonnages to be on the safe side in case local rebar prices increase further in the short term.

In the wire rod segment, a few Turkish mills are still voicing official wire rod export offers for June shipments at $750-760/mt FOB, versus $720-725/mt FOB last week. A few sellers have also started mentioning $800/mt FOB and slightly above for extended delivery terms. 3,000 mt of wire was traded to Israel at $750/mt FOB for June shipment this week.


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