Turkish rebar producers are still going through difficult times due to sluggish international demand, the downward trend in the import scrap segment, and the generally pessimistic market sentiment. As a result, most international buyers are maintaining a wait-and-see stance regarding new purchases and are seeking to be on the safe side if import scrap prices fall further. Turkish mills are receiving only a few inquiries these days, but they do not seem to be resulting in any sales.
Currently, official Turkish rebar export prices vary at $670-680/mt FOB for May shipment, falling by $10/mt over the past two weeks. Slightly lower levels are on the table for serious buyers, SteelOrbis has heard, while some buyers report $650-660/mt FOB may already be available for large orders, given the negative situation in the scrap segment. No fresh rebar deal has been heard for now. "Turkish mills are offering tailor-made pricing when they receive any enquiry, based on the region and quantity," a source told SteelOrbis.
In the local Turkish rebar market, the situation is not very promising either. Specifically, the rapid depreciation of the Turkish lira against the US dollar pushes most buyers to purchase in line with their daily needs only and not to overstock amid the unclear financial situation in the country ahead of the elections. Most mills in the Marmara and Izmir regions are offering rebar at $690/mt ex-works, down $5-10/mt over the past two weeks. A few mills are applying aggressive pricing policies and are testing $670-675/mt ex-works for 1,000 mt and above, aiming to generate sales. According to sources, some rebar tonnages have been traded at TRY 15,370/mt ($670/mt) ex-works Marmara region, while the final volume has not been clarified by the time of publication.
In the wire rod segment, a few mills are offering at $680-690/mt FOB for May shipment, versus $700-710/mt FOB earlier this month. Slightly lower levels are on the table for serious buyers. In the local Turkish wire rod market, the general price range varies at $690-730/mt ex-works, down by $20/mt on the lower end, while the higher end seems difficult to achieve at present.