While most international buyers have been maintaining a wait-and-see stance and following the import scrap segment very closely after the downturn in recent deals, Turkish mills have decreased their long steel export offers.
Ex-Turkey rebar prices are currently at $415-420/mt, versus $425-430/mt FOB a week ago, for July shipments. Sources report a 1,500-2,000 mt lot of rebar was traded at $435/mt CFR Myanmar on theoretical weight basis this week, which equals around $410/mt FOB Turkey, SteelOrbis understands. “It might be an old deal,” one source mentioned. Rebar inquiries have been coming from Yemen and Australia, and Libya is mentioned as a potential export destination for now. Most mills in the Izmir and Marmara regions are currently offering rebar at $420-429/mt ex-works, with slightly lower levels available, while local Turkish rebar trading activity has also been slow this week.
In the wire rod segment, Turkey’s export offers have dropped by $5/mt and are available at $435-445/mt FOB for now, mainly for late July shipments. No fresh sales have been heard.