Turkish rebar producers are still facing significant challenges in exports and are struggling to find buyers. However, prices have mainly remained stable due to the relative stability of import scrap prices. In addition, Turkish mills are reluctant to provide discounts given the recent electricity price hikes in Turkey. According to expectations, demand may soon be even slower due to the approaching summer holiday period in Europe, while currently the inquiries are coming mainly from the Balkan region. The new EU quota period started on July 1, but most of the quota for Turkish producers is considered to have been filled due to the previously concluded sales.
Currently, Turkish rebar export prices for late July-August shipment vary at $580-585/mt FOB, unchanged week on week. Additional discounts are applicable for serious buyers and high tonnages. In the Turkish domestic rebar market, Icdas has kept its official rebar price at $620/mt ex-works, while the workable rebar prices in the Marmara and Izmir regions are available at $585-600/mt ex-works, down by $5/mt on the higher end over the same period. Following Tosyali's recent move to acquire Bastug Metallurgy, longs production in the Iskenderun region is expected to increase gradually, which may bring relief in terms of size availability.
In the wire rod segment, most mills are quoting at $585-590/mt FOB for late July-August shipment, stable over the past week, while slightly higher levels are also available. In addition, official domestic wire rod prices vary at $590-640/mt, while the workable wire rod prices seem close to $590-610/mt ex-works. Moreover, Kardemir has also kept its 6-27 mm SAE 1008-1010 grade wire rod price stable at $600/mt ex-works today, July 3, and has succeeded in selling around 6,000 mt of wire rod so far, SteelOrbis has heard.
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