Turkish longs exporters have been attempting to set workable price levels recently, taking into account the uncertain financial situation in the country, rapid currency fluctuations, and higher production costs. In the domestic market, business activity has also been slow, mainly due to the rapid depreciation of the lira against the US dollar.
Ex-Turkey rebar export prices have settled at $730/mt FOB, down $5-10/mt over the past week. However, international buyers are exerting pressure for further discounts, while Turkish mills are willing to maintain their rebar export offers amid firm scrap prices and financial issues. Turkish suppliers are mainly offering for December-January shipments. A rebar lot of 10,000 mt is rumored as having been sold to Chile at $730/mt FOB this week, though it has not been confirmed by the time of publication.
In the Turkish domestic rebar market, official rebar offers are still available at $745-750/mt ex-works and most local traders are monitoring the exchange rate trend and the raw material price trend before restocking. A few local traders have already booked some volumes and are taking their time to destock before buying again at a workable price level.
In the wire rod export segment, a few Turkish mills have settled their offers at $830-840/mt FOB versus $840/mt FOB over the past week, for January-February shipment. Sources report a 10,000 mt wire rod cargo has been traded at $840/mt FOB Turkey to Israel for January shipment this week.