Amid concerns resulting from the European Commission’s safeguard investigation on 26 steel product types initiated on March 26 and from the downtrend of global billet prices, demand for Turkish merchant bar -which has already been at low levels since February - has declined further. As a result, Turkish merchant bar producers have reduced their export prices by $35/mt on the lower end and by $40/mt on the upper end as compared to March 15. Additionally, in Africa, another important export market for Turkish exporters, buyers consider the current Turkish merchant bar prices to be on the high side and are not accepting Turkish exporters’ offers.
Market sources state that buyers are exerting downward pressure on Turkish merchant bar export quotations, though Turkish mills are not planning to reduce their prices further due to their high-cost raw material inventories.
Turkish merchant bar export prices are currently at the following levels:
|
Product |
Price ($/mt) |
|
Angle |
630-640 |
|
IPN-UPN |
640-650 |
|
Flat bar |
650-660 |
|
IPE |
640-650 |
All prices are on FOB basis and for March shipment.