As we are at the end of October, the longs trading activity seems to slow down both in the local and export segments. Turkish mills are attempting to maintain their export price levels while international buyers persist on further discounts in order to conclude their purchases. During the absence of Israel and limited trade to Yemen, most Turkish mills still target to generate longs sales to the Balkans. Moreover, in Turkish local market most buyers are refraining to make new purchases and in a wait and see stance as they believe rebar prices might soften in the short run.
Currently, ex-Turkey rebar prices vary at $545-550/mt FOB, down by $5/mt over the week and for November-early December shipments. According to sources, a fresh longs sale of around 15,000-20,000 mt mixed rebar and wire rod has been recently closed to Bulgaria at $540-550/mt FOB and $545-555/mt FOB. In addition, a few longs enquiries are on the table from Albania, mills report.
In the Turkish domestic rebar market, the official offers stand at $545-555/mt ex-works, down by $5/mt on the higher end week on week. Sources report that the general workable rebar prices in the Marmara and Izmir regions have also fallen, by $5/mt to $540-550/mt ex-works against the backdrop of the sluggish demand and ongoing currency fluctuations. The lower end is represented by the Izmir region, while the upper end is for the Marmara region. A few local traders are even rumored to test below $540/mt ex-warehouse in the Izmir region these days to generate cash as the month ends. One Marmara-based mill has closed its rebar sales until Monday, November 3.
According to sources, the latest workable rebar price in the Iskenderun region stands at around $545-550/mt ex-works, up by $5/mt, while last week the tradable levels in this region were the lowest in Turkey.
In the wire rod segment, export prices have settled at $550-555/mt FOB for November-early December shipments, versus $555 /mt FOB over the past week. Even slightly below $550/mt FOB is rumored to the Balkans. Locally, workable wire rod prices are also down by $5/mt to $545-555/mt ex-works this week.
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