While overall rebar trade remains subdued for Turkish mills, with prices under pressure from insufficient demand locally and abroad, some hopes exist for sales to the EU, which have already started for the EU fourth quarter quota period, with Bulgaria and Romania mainly targeted. In the local Turkish rebar market, the depreciation of the Turkish lira against the US dollar continues, causing most buyers to refrain from new sizeable purchases, while the high interest rates also have an impact. The Turkish Central Bank will make its next interest rate decision on Thursday, September 11, which is expected to bring some more clarity to business.
Currently, ex-Turkey rebar prices vary at $535-545/mt FOB, stable over the past week, for late September-October shipments. Firm rebar bid prices from Romania are at around $520-530/mt FOB, SteelOrbis has heard. In Bulgaria, according to sources, some deals have been closed at $525-530/mt FOB for medium-sized batches, for the fourth quarter quota period.
In the Turkish domestic rebar market, official offers vary at $535-555/mt ex-works, down by $5/mt on the lower end week on week. The upper end refers to the Marmara region and the lower end is valid for the levels in the Izmir region. The sources report the general workable rebar prices in these areas are at $530-550/mt ex-works, also down by $5/mt over the past week. An Iskenderun-based mill has issued its official rebar price on September 3 at around $555/mt ex-works for an extended delivery period, up by $5/mt week on week. According to sources, the latest workable rebar price in this region stands at around $535-540/mt ex-works, versus $545/mt ex-works last week.
In the wire rod segment, both export and local prices have remained unchanged over the past week. As regards exports, material is available at $545-555/mt FOB for late September-October shipments. Locally, workable wire rod prices are still at $540-560/mt ex-works.