Turkish long steel mills are aiming to find their price direction amid the silence in the international market. Activity both in the local and export segments is sluggish so far. Most local buyers are observing the import scrap price trend after the holiday due to the unclear financial situation in the country, while most European buyers are also in wait-and-see mode until the new quota period opens on July 1. A few inquiries are heard from the Balkan region though they seem to be for relatively small volumes and in the negotiation stage.
Currently, ex-Turkey rebar offers vary at $545-555/mt FOB for late June-July shipment, versus $550-560/mt FOB two weeks ago. According to sources, slightly below $545/mt FOB is only possible for serious buyers and large volumes.
In the Turkish domestic market, most buyers are not willing to restock material and only purchase in line with their daily needs due to the ongoing currency fluctuations. The official rebar prices in the Marmara and Izmir regions vary at $545-565/mt ex-works, including Icdas A.S.’s prices, while the workable rebar prices in these regions vary at $540-560/mt ex-works, for cash payment only. In addition, an Iskenderun-based mill has offered its rebar prices at around $570/mt ex-works, for an extended delivery period. According to sources, the latest workable rebar price in this region has been set at around $550/mt ex-works.
In the wire rod segment, most Turkish mills have also reduced their export offers by $5/mt to $555-565/mt FOB over the past two weeks, for late June-July shipments. In addition, the workable Turkish domestic wire rod prices vary at $555-565/mt ex-works, also down by $5/mt on the higher end over the past two weeks.