Turkey-based long steel exporters have been trying to avoid discounts while the pressure from the generally low international demand persists. One of the reasons why Turkish exporters want to keep their prices firm is the relative stabilization of import scrap prices in Turkey, while another is the increased cost of production and ongoing currency fluctuations.
Turkish official rebar export prices have mainly remained unchanged at $700-710/mt FOB, while slightly higher levels are available from a few mills. No rebar sales have been heard for now apart from the previous deals in the range of $695-705/mt FOB to the US, Canada and Chile, as SteelOrbis reported.
In the Turkish domestic rebar market, the situation is similar. Most Turkish suppliers are quoting their rebar prices at $700-710/mt ex-works, while only 10,000 mt of rebar are rumored to have been sold at around $702/mt ex-works in the Izmir region since the beginning of this week. Most buyers are delaying new purchases until the Turkish central bank’s interest rate decision which is due tomorrow.
In the wire rod segment, demand seems somewhat better than for rebar. The official export wire rod offer price range varies at $790-800/mt FOB, versus $790/mt FOB a week ago, while slightly higher levels are only available from some producers. A deal for 5,000 mt of wire rod has been concluded to Israel at $780/mt FOB for March shipment, while 7,000 mt of mesh grade wire rod has been traded to Egypt at $800/mt FOB for March shipment. The average freight rate to Egypt is around $15-20/mt, SteelOrbis estimates.