Ex-Turkey rebar export offers have risen sharply since the end of last week, following the sizeable price hike in import scrap deal levels. In addition, demand is said to be moderate for now and most mills are more or less sold out for February production and some of them are not in a rush to give offers for March.
Most rebar export indications have been voiced at $615-620/mt FOB, while the highest levels seen at the end of last week were standing at $570-580/mt FOB, in sales to Peru specifically. Some sources believe $600-610/mt FOB levels should also be possible, while others consider these levels to be too low in the current market conditions. “Turkish mills might raise their export offers further in line with the stronger scrap prices at short notice,” a source mentioned.
Latin America has been one of the key destinations for Turkish rebar exports recently. Sources report around 20,000 mt of rebar were traded to Peru last week at $600/mt FOB, though the price is said to include around $20/mt of extras for the chemical composition and non-thermex material. Some mills have reported there were inquiries for a total of 80,000 mt from Peru alone.
In the wire rod segment, a few Turkish mills are voicing offers at $690/mt FOB for March shipments. However, most mills are refraining from quoting any export price level for now. No fresh wire rod sales have been heard for the moment.