Turkish mills are finding it difficult to determine workable long steel export prices amid the uncertainty regarding the financial situation in Turkey, as well as due to increased energy costs. In addition, rising freight rates remain an issue, specifically for distant shipments.
Turkish mills are mostly offering rebar at $750-760/mt FOB for December shipments, up $10/mt over the past week. International buyers are refraining from new purchases in order to monitor developments in the raw materials segment. Canada has become one of Turkey’s target export destinations in October. A fresh 30,000 mt rebar cargo has been traded to this destination at around $760/mt FOB actual weight basis for early 2022 shipment, excluding extras up to $10/mt due to the specific size requirement. In addition, in mid-October, another 25,000-30,000 mt rebar cargo was rumored as having been sold to Canada at $690-700/mt on theoretical weight basis for February shipment.
In the Turkish domestic rebar market, most Marmara-based mills are offering rebar at $750/mt ex-works, including Icdas A.S. In addition, small-tonnage rebar lots were traded at the mentioned level in this region. Moreover, sources say $740/mt ex-works is also on the table for serious buyers in the Izmir region.
In the wire rod export segment, a few Turkish mills are currently offering at $850-870/mt FOB, stable on the lower end for December shipment, with the higher end for January shipments.