Turkish longs producers continue to operate in rather challenging market conditions, facing generally low trading activity both domestically and for exports. Most international buyers are in wait-and-see mode regarding new purchases and are aiming for discounts due to the relatively negative sentiment in the import scrap segment. In addition, most local buyers are monitoring the ongoing depreciation of the Turkish lira against the US dollar and are waiting for Turkish Central Bank's interest rate decision due tomorrow, September 11.
Currently, ex-Turkey rebar prices still vary at $535-545/mt FOB, unchanged week on week, for late September-October shipments. The demand is still mainly concentrated in the Balkan region, with some inquiries heard from Bulgaria and Romania in particular. The competition with the North African mills is still quite fierce as their prices are at around same levels as Turkish mills’ prices, while their production costs are generally lower.
In the Turkish domestic rebar market, official offers vary at $535-555/mt ex-works, also stable week on week. The upper end refers to the Marmara region and the lower end is valid for the levels in the Izmir region. The sources report the general workable rebar prices in these areas have stabilized at $530-550/mt ex-works. An Iskenderun-based mill has issued its official rebar price on September 10 at around $552/mt ex-works for an extended delivery period, down by $3/mt week on week. According to sources, the latest workable rebar price in this region stands at around $540-545/mt ex-works, up by $5/mt week on week.
In the wire rod segment, export prices are still available at $545-555/mt FOB for late September-October shipments. Locally, workable wire rod prices are standing at $540-555/mt ex-works, down by $5/mt on the higher end.
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