The long-lasting silence in Turkish long steel export trade, especially in the rebar segment, is one of the main constraints facing Turkish mills, with the pressure on them increasing. Most international buyers are monitoring the import scrap prices closely and refraining from new purchases. In addition, the high freight rates are still an issue for sales to distant markets.
Over the past week, ex-Turkey official rebar export prices have remained unchanged at $675-690/mt FOB. A 3,000 mt lot of rebar has been traded to Israel at $690/mt FOB this week. A rebar sale to Singapore at $650/mt FOB has been rumoured, but it has been not confirmed by the time of publication. A few market players doubt that this deal has in fact been done.
In the Turkish local rebar market, most mills are trying to maintain their official rebar prices and are offering additional discounts to generate sales and attract serious buyers. However, the general sentiment is negative in the local rebar market amid the silence in the import scrap segment and sluggish demand against the backdrop of currency fluctuations. The general rebar price range is standing at $655-680/mt ex-works, although the higher end seems a bit difficult to achieve for now.
In the wire rod segment, a few mills are still offering wire rod at $790/mt FOB for October shipment, while slightly lower levels are available for serious buyers. A lot of 2,000 mt of wire rod has been traded to Israel at $790/mt FOB this week.