The higher scrap and billet quotations recorded in the current week have also pushed up Turkey’s rebar export offers, which have increased by $20/mt week on week to $480-490/mt FOB on actual weight basis. SteelOrbis has been informed that actual deals are concluded at lower price levels. Meanwhile, Turkish mills are observed to be ready to raise their rebar export offers further if their negotiations with US buyers are brought to a successful conclusion. As a result, international buyers are awaiting impatiently for the first rebar sale to the US.
In the meantime, US buyers continue to evaluate Turkish mills’ rebar export offers. On the other hand, Turkish suppliers continue to conclude deals to the European Union, Africa and Israel. It is heard that a Turkish steel maker has concluded a sale to a German trader for 7,000 mt of rebar at $485/mt FOB. SteelOrbis has also been informed that two sales from Turkey to Africa, each for 10,000 mt of rebar, have been concluded at $475/mt FOB and $478/mt FOB, respectively. Another Turkish mill has reportedly concluded two rebar sales to a trader for a total of 10,000 mt at $465/mt FOB and $475/mt FOB. Meanwhile, there are rumors of a Turkish sales of 5,000-6,000 mt of rebar to Romania at $475/mt FOB on actual weight basis, for late June shipments. Also, according to market sources, a Turkish producer has concluded a sale to Israel, one of the markets to which Turkish suppliers regularly conclude transactions, for 5,000 mt of rebar at $475/mt FOB on actual weight basis and for late June shipment. Additionally, market sources report that a Turkish steelmaker has sold 30,000 mt of rebar to Singapore today, May 24, at $472/mt FOB Turkey on actual weight basis and for July shipment.