Ex-Turkey longs prices have followed an upward trend in line with the higher import scrap prices recorded in the last couple of deals. Local Turkish rebar prices have also increased over the same period, while domestic traders are taking their time to restock in order to monitor the import scrap price trend.
Currently, official rebar export prices are available at $670/mt FOB, versus $640-650/mt FOB previously. According to sources, a 22,000 mt rebar cargo was traded to the US at the beginning of August, while another 25,000 mt of rebar were traded to Germany for August shipment last week. No price indication is available for these deals at the time of publication. Moreover, another 10,000 mt of rebar were traded at the end of last week to Germany at $650/mt FOB for prompt shipment.
In the Turkish domestic market, most mills in the Marmara and Izmir regions are mainly offering rebar at $660-670/mt, versus $650-655/mt ex-works a week ago. In addition, a small tonnage of rebar was traded at $640/mt ex-works in the Izmir region earlier this week. Kardemir issued its rebar price at $660/mt ex-works today, August 10, while selling around 11,500/mt of rebar so far, SteelOrbis has heard.
In the wire rod export segment, a few mills are offering wire rod at $700-710/mt, for September shipment, rising by an average of $30/mt over the past week. No fresh wire rod sale has been heard for now. “Some inquiries are on the table for the African market, while demand is better amid the upward trend of import scrap prices,” a source told SteelOrbis.