Given the absence of or relative silence in their main rebar export destinations such as Israel and Yemen, the top two markets for Turkey, Turkish longs mills have intensified talks with buyers from Latin America, the Balkan region, the EU and the Black Sea region. In addition, the local Turkish rebar market does not appear promising either right after the Eid holiday, while there has been a slight softening in the price for an ex-Baltic scrap cargo lately.
Currently, Turkish rebar export prices vary at $590-595/mt FOB for shipment at the end of April or in May, falling by $5/mt on the higher end over the past two weeks. Turkey may attempt to target rebar export sales to Latin America, the Balkan region and Europe. In addition, a 3,000-5,000 mt rebar enquiry from Ukraine is on the table with a firm bid price of $580/mt FOB, SteelOrbis has heard.
In the Turkish domestic rebar market, most mills in the Marmara and Izmir regions are offering officially at $600-620/mt ex-works, also falling by $5/mt on the higher end. According to sources, the workable rebar price is at $595-605/mt ex-works. The general sentiment on the demand side is sluggish as most buyers are taking their time to conclude new purchases, while the Turkish central bank's interest rate decision due on Thursday, April 25, is another important factor amid the ongoing currency fluctuations.
In the wire rod segment, export offer levels have remained stable at $600-610/mt FOB for shipment in late April or in May. The local Turkish wire rod market still varies at $610-645/mt ex-works, while the workable level is at the lower end of the range. Moreover, an Iskenderun-based mill has issued its wire rod offer at $615/mt ex-works today.
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