Turkish rebar producers are increase their longs prices both in the domestic and export segments even though demand remains unsupportive. Following the recent announcement by the EU regarding the adjustment of trade measures, many market players are rather pessimistic regarding exports to Europe, especially once the renewed protection is coupled with CBAM. The MENA market also lacks promise due to the continuing conflicts and competition with local and regional suppliers.
Currently, ex-Turkey rebar offers are standing at $540-550/mt FOB for late October-November shipments, up by $5/mt on the higher end over the past week. In the Turkish domestic rebar market, official offers stand at $540-565/mt ex-works, up by $5/mt over the past week. Sources report that general workable rebar prices in the Marmara and Izmir regions have risen by another $5/mt over the past week to $540-555/mt ex-works amid costlier import scrap. The lower end is represented by the Izmir region, while the upper end is for the Marmara region. An Iskenderun region-based mill has issued its official rebar price on October 8 at around $565/mt ex-works for an extended delivery period, up by $17/mt week on week. According to sources, the latest workable rebar price in this region stands at around $555-560/mt ex-works, up by $15/mt over the past week.
Most local buyers are just monitoring the sharp rebar price hike and are purchasing only in line with their daily needs as they believe the rebar price increase will not last long. Meanwhile, some local traders are restocking material just to be on the safe side if the uptrend of rebar prices proceeds for another while. Interest rates for loans in Turkey are still high, while a few local traders are waiting for rebar prices to stabilize before the Turkish central bank's interest rate decision due on Thursday, October 23.
In the wire rod segment, export prices have also risen, by $5/mt to $555-560/mt FOB for late October-November shipments. Locally, workable wire rod prices are standing at $550-560/mt ex-works, up by $5/mt week on week.