As a result of the higher prices recorded in Turkish steelmakers’ import scrap bookings, Turkish rebar producers have raised their export offers by an average of $12.5/mt week on week to $490-505/mt FOB on actual weight basis. Although no Turkish sale of large rebar tonnages has been heard in the given week, Turkish mills’ rebar sales to the markets to which they usually sell small tonnages, such as Israel and Yemen, have continued at price levels above $485/mt CFR. However, overall demand for Turkish rebar in the international markets has remained at low levels.
It is noteworthy that international demand for billet and wire rod is stronger than that for rebar. It is heard that a Turkish mill has concluded a sale to Ethiopia for 40,000 mt of billet at $460/mt FOB. SteelOrbis has also been informed that another Turkish producer has concluded a sale to Saudi Arabia for 50,000 mt of billet at $457-460/mt FOB. Also, it is heard that Turkish mills are receiving inquiries from the Gulf region and Southeast Asia for billet. As Turkish mills have increased their billet export prices to above $470/mt FOB against the backdrop of higher scrap quotations, with this billet price higher than current ex-CIS billet offers at $450-460/mt FOB, it has become harder for Turkish sellers to gain a share of the international demand given their higher scrap costs, when compared with the offers given by their CIS-based, Iranian and Indian competitors.