Due to the general situation in the global steel and raw material markets, the optimistic sentiments seen in spring this year for the second half of the year have been postponed until 2025. This was one of the main conclusions reached at the IREPAS Conference held in Paris on September 15-17. Most Turkish mills are seeking possible sales opportunities to Latin America and the Balkan region, while a few inquiries for Turkish longs are also received from Yemen. Most European buyers are taking their time before concluding possible purchases as the new EU quota period which will begin on October 1 is expected to be exhausted fairly quickly. Turkish mills are soon expected to revise their export prices in line with the recent price hike in the local Turkish market.
Currently, ex-Turkey rebar prices still vary at $580-590/mt FOB for October-early November shipments, unchanged over the past week. According to sources, two rebar sales, of an estimated 10,000 mt in each deal, to Chile and Costa Rica have been concluded in this price range since the beginning of this month. The ex-Turkey rebar sale to Chile included extras, with $590/mt FOB equal to $580-585/mt FOB excluding extras on actual weight, SteelOrbis has heard.
In the Turkish domestic rebar market, today, September 19, a few mills are attempting to raise their local rebar prices by $10-15/mt week on week to $590-610/mt ex-works, after Turkey’s central bank kept its interest rate unchanged. It is worth mentioning that Kardemir succeeded selling in 41,000-45,000 mt of rebar at TRY 20,460/mt ($600/mt) ex-works earlier today. The general demand situation in Turkey is sluggish due to the unclear financial situation in the country.
In the wire rod segment, most Turkish mills have been offering at $595-600/mt FOB, for October-early November shipments, stable over the past week. In addition, Turkish domestic wire rod prices vary at $585-605/mt ex-works, indicating an increase of $5-10/mt over the same period. In addition, Kardemir’s price for 6-27 mm SAE 1008-1010 grade wire rod stands at $600/mt ex-works in the producer's price list today.
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