Turkish rebar and wire rod exporters have found themselves unable not only to push up their prices, but even to keep them stable over the past week. The suppliers have had to provide $10-20/mt discounts during the week due to slow demand and increasing pressure from the cost side. In addition, the producers believe that scrap and billet prices will continue to soften and so they have been trying to generate sales, so even lower longs prices may be seen.
Official Turkish rebar export prices are available at $940-960/mt FOB, versus $960-970/mt FOB a week ago, for late May-June shipments. According to sources, a few Turkish mills are even offering slightly below $940/mt FOB for small tonnage/container inquiries. “Rebar inquiries are on the table, but they are not turning into deals,” a source mentioned.
In the local Turkish rebar market, most local buyers are refraining from new purchases during the Ramadan period and trading activity is very slow. The official rebar prices vary at $960-965/mt ex-works, versus $960-970/mt ex-works previously, while discounts of up to $10/mt are available for serious buyers, SteelOrbis understands. Kardemir was expected to open its rebar sales this week, but has not done so yet due to the unclear financial situation in the country ahead of the Turkish central bank’s interest rate decision due tomorrow, April 14.
In the wire rod segment, the export pricing has been mixed, depending on the suppliers’ positions on delivery terms. Some producers have decided to decrease offers by $10/mt over the past week to $1,060/mt FOB for June shipments, while some indications of $1,030/mt FOB have also been reported in the market. A 3,000 mt wire rod lot has been traded to Romania at $1,055/mt FOB for June shipment, SteelOrbis has learned. In the meantime, one mill has dropped its offer for a shipment with an extended period by $20/mt over the past week to $1,100/mt FOB Marmara.