Turkish rebar suppliers are attempting to determine their price direction amid the unclear financial situation in the country, international buyers’ pressure contributed by obstacles for access to financing. Moreover, most local buyers are taking their time to restock material due to rapid currency fluctuations and credit issues. As a result, a few Turkish mills are already working in reduced shifts, while a few mills are expected to start their maintenance process by September.
Ex-Turkey official rebar export price range for September shipments widened to $645-670/mt FOB versus $640-650/mt last week, while the higher end seems hardly achievable. A few inquiries have been received from Lebanon, SteelOrbis has learned. In addition, some small demand has been coming from Africa and the European Union. Currently, the buyers are quite cautious, taking into account the recently reported higher import scrap deal. However, many believe it will not be sustainable and the low rebar demand will push the mills to either provide discounts again or to further cut the production.
In the Turkish domestic market official rebar prices vary at $650-670/mt ex-works, stable over the week. Sources report sizeable discounts are applicable for the serious buyers. “Even $630/mt ex-works is difficult to achieve under the current market conditions” a source is mentioned.
In the wire rod segment, a few mills are offering wire rod $670-690/mt FOB for September-October shipment, up by $10/mt on the higher end.