Turkish mills are finding it difficult to act and set their long steel export prices amid the current uncertain conditions. International demand is limited and the market is cautious given Russia’s attack on Ukraine and its possible consequences.
Turkish official rebar export prices vary at $750-760/mt versus $740-750/mt FOB a week ago, for April shipment. However, no fresh rebar sale has been heard at this level for now. Sources report a 4,000 mt rebar lot has this week been traded to Israel at $745/mt FOB for April shipment.
In the local Turkish market, most producers are offering rebar at $740-750/mt ex-works. Bastug Metallurgy has closed its rebar sales amid the depreciation of the Turkish lira against the US dollar, after opening its rebar sales at TRY 12,800/mt (761$/mt) ex-works for a couple of hours. The exchange rate is now weakening beyond $1 = TRY 14.25. Most mills are attempting to keep their dollar-based rebar prices stable against the backdrop of the rapid currency fluctuations and relatively firm import scrap prices. Trading activity is slow as most local traders are refraining from new purchases and only buy in line with their daily needs to be on the safe side in order to avoid currency fluctuations.
In the wire rod segment, ex-Turkey offers are standing at $830-850/mt, up by $10/mt on the higher end, for April shipments. No fresh wire rod sales have been heard for now. “We are also not in a rush to sell in this unclear financial situation,” one source said.