Turkish long products market outlook

Turkish local rebar and merchant bar markets have indicated increases this week. Mills have asked for TRY 670-680/ton ($513-520/ton), including 18% VAT for rebars in 12 mm dia. However, local demand has not been so brisk. On the other hand, spot sales at TRY650-660/ton ($498-505/ton), including 18%VAT for rebars of 12 mm dia. have been heard. In the local merchant bar market, price level for equal angles has been in a range of $450-455/ton, excluding 18% VAT, while same for flat bars has been in a range of $465-470/ton, excluding 18% VAT. Local merchant bar market has not seen the expected activity. In export market side, merchant bar market, which could not catch the expected export acceleration following the latest price increases, have again gained momentum this week. Exports to Algeria and the US have been in sufficient amounts. However, Europeans have turned back to the market this week. Export offers for equal angles have been at $465/ton FOB, while that of flat bars have been at $475/ton FOB. Rebar bookings at $425-430/ton in Europe and the Middle East have been heard. There are reportedly higher offer levels in the market for May shipments.