Turkish rebar producers were attempting to increase their local prices earlier this week while facing challenges in selling their material abroad. Mills are counting on some restocking activity ahead of the Eid holiday. Local buyers, however, are postponing their purchases to the beginning of June, sources say. In addition, most European buyers have already placed their orders, and they seem to be in wait-and-see mode until the start of July. Sources report a few inquiries were received from the Balkans last week.
Official Turkish rebar export prices for June shipments have risen by $5/mt on the lower end to $595-610/mt FOB. A small-tonnage rebar sale has been rumored to the Balkans last week, with some saying to Bulgaria at around $590/mt FOB. However, most market players believe $590/mt FOB is hard to achieve under the current market conditions this week.
In the Turkish domestic market, most Marmara region-based mills are officially offering rebar at $610-615/mt ex-works, up by $5/mt on the lower end over the past week. In the Izmir region, prices have settled at $596/mt ex-works, up $5/mt over the same period. However, the workable rebar price in this region is close to $590/mt ex-works. In the Iskenderun region, offers are at $598/mt ex-works, also up by $5/mt over the same period. In general, the latest workable prices in the domestic rebar market have been reported at around $590-610/mt ex-works, up by $5/mt on the higher end week on week.
Official local Turkish wire rod prices are at $600-620/mt ex-works depending on the supplier, indicating a $5/mt increase on the higher end over the past week. As regards exports, mills are still targeting $605-615/mt FOB for June shipments.
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