Turkish mills’ rebar export offers have dropped by another $5/mt over the past week to $445-450/mt FOB in the official offers mainly for November shipments. In the wire rod segment, Turkish mills are trying to maintain their current prices at $510-520/mt FOB, mainly for shipments in late November and December. However, sources report lower levels are available for serious buyers for both products.
West Africa has become an outstanding long export destination for Turkish suppliers. Sources report there was a price inquiry for a mixed cargo of over 30,000 mt of rebar and wire rod from Ghana, which translated into a deal this week at $435/mt FOB and $500/mt FOB, respectively. Most international buyers are refraining from the new purchases due to the negative sentiment in the import scrap segment in Turkey. However, a 20,000 mt lot of rebar was traded to Peru at $450/mt FOB for November-December shipment this week. In addition, there are a few inquiries from the Far East in the market, with no details disclosed, SteelOrbis has learned.
In Israel, ex-Turkey rebar is available at $485-490/mt CFR LO, while debar in coil is at around $555-560/mt CFR LO for December shipment. The average freight rate from Turkey to Israel is around $25-30/mt, SteelOrbis estimates.
In the local Turkish market, rebar prices are currently at $445-453/mt ex-works and demand is moderate. Approximately 35,000 mt of rebar were traded at $440-445/mt ex-works in the Izmir region, while around 30,000 mt of rebar were sold in the Iskenderun region at $447/mt ex-works earlier this week. Kardemir also succeeded in selling a similar quantity at $441/mt ex-works on Wednesday,October 7. As a result, $440-445/mt ex-works may be considered as a workable level for local traders for now.