Turkish rebar producers had a silent start to April, while the second week of April has likewise been disappointing in terms of demand. Most market players expected an upward trend of prices amid higher energy and import scrap prices. However, international buyers are in wait-and-see mode due to the ongoing tensions between the US and Iran in the Strait of Hormuz and they are unwilling to restock in this unclear trade environment. European buyers have also withdrawn following the new regulations and the reduced tonnages for the next quota period which begins on July 1, while CBAM costs are also a factor. In the Turkish domestic rebar market, most buyers are facing difficulties in repayment of bank loans and local traders has already announced aggressive prices in order to generate cash.
In the Turkish domestic market, most Marmara-based mills are offering official rebar prices at $600-615/mt, down by $10-20/mt over the past week. In the Izmir region, the prices have settled at $587-595/mt ex-works, falling by $12-18/mt over the same period. In the Iskenderun region, rebar producers are offering at $595-601/mt, versus $598-609/mt ex-works previously. In general, workable rebar prices in the domestic market are standing at $590-610/mt ex-works, indicating a decrease of $5-8/mt, for serious buyers and cash payment.
In the export segment, ex- Turkey rebar varies at $590-610/mt, down by $10/mt week on week on the lower end in official offers for late April and May shipments. However, the lower end seems much more workable under the current market conditions.
In the wire rod segment, Turkish domestic official prices have settled at $605-620/mt depending on the region, down by $10/mt on the lower end over the past week. The workable wire rod export prices are evaluated at $600-610/mt FOB, falling by $10/mt over the same period. Turkish mills are testing wire rod export offers at $605-615/mt FOB, also down by $10/mt week on week, for late April and May shipments.
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