Turkish merchant bar mills’ export prices come under downward pressure from buyers

Thursday, 25 April 2019 17:42:24 (GMT+3)   |   Istanbul
       

During the past two weeks, Turkish merchant bar mills’ export prices have moved down amid buyers’ expectations of lower quotations and the weakness of demand. In the given period, Turkish merchant bar export offers have fallen by an average of $25/mt to $520-530/mt FOB. On the other hand, due to anticipated decreases in scrap prices, buyers’ firm bids to Turkish merchant bar producers are heard to be at $515-520/mt FOB. 

Additionally, SteelOrbis has been informed that most demand for Turkish merchant bar received from the international markets is from South America, the Far East and North Africa, though, according to market sources, demand is also being received from Israel. On the other hand, despite their eagerness to respond to Europe’s demand for merchant bar, Turkish producers are having difficulties in doing so due to the EU’s quota system.

Amid the surplus resulting from the Egyptian government’s decision to impose 25 percent duty on billet and rebar imports, Turkish merchant bar mills expect import and domestic billet offers to fall, market sources state.

International demand for Turkish merchant bar is currently characterized by weakness, while buyers are still postponing their purchases due to their expectations of a fall in billet and scrap quotations. However, Turkish mills are unwilling to reduce their merchant bar export prices before gaining a clear picture of their target scrap and billet purchase price levels. 

Turkish merchant bar export prices are currently at the following levels:

Product

Price ($/mt)

Price change

11.04.2019

Angle

520-530

25

IPN-UPN

530-540

25

Flat bar

550-560

25

IPE

530-540

25

 

All prices are on FOB basis and for April shipment.


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