Most Turkish mills remain focused on sales to their domestic market which, despite a certain slowdown in demand and softer prices, continues to see better prices than the workable export levels, amid tough competition with North African and some Asian suppliers, coupled with the unwillingness of European buyers to restock amid CBAM uncertainties. Locally, many buyers have already restocked and are now refraining from placing new orders, partly due to year-end VAT issues.
Currently, rebar mills’ official offers in Turkey’s domestic market are available at $570-600/mt ex-works, down by $5/mt on the lower end. The workable price levels, according to sources, have varied at $558-563/mt ex-works in the Iskenderun region, indicating a decrease of around $10/mt over the past week. A few Marmara-based mills are still quoting at $590-595/mt ex-works, while the offers of some Izmir region-based suppliers have slid to $565/mt ex-works in order to conclude rebar sales to the Marmara region, SteelOrbis has heard. Today, December 11, the Turkish Central Bank has decided to reduce interest rates from 39.5 percent to 38 percent.
Considering the slow market activity, ex-Turkey rebar export offers are standing at $570-580/mt FOB for January shipments, while slightly below $570/mt FOB is also available depending on the tonnage and the country, SteelOrbis has heard.
In the wire rod segment, export prices are standing at $580-590/mt FOB for January shipments, up by $5/mt week on week, following the relatively solid domestic demand. "The wire rod export segment may gain momentum when CBAM regulations in the European Union become clearer," a source told SteelOrbis. Locally, wire rod prices in Turkey have settled at $570-590/mt ex-works this week, down by $5/mt on the lower end due to the aggressive pricing policies in the Izmir and Marmara regions.