Turkish steel mills are seeking to increase both their local and export longs prices in line with higher production costs, resulting from slightly higher import scrap prices, which may also indicate further slight increases, and from the increasing labor costs currently faced by many sectors in the country. While in the domestic market the mills have managed to achieve higher workable prices compared to a week ago, in the export markets demand has remained slack with only a few destinations willing to purchase.
Currently, ex-Turkey rebar prices vary at $545-555/mt FOB for late November-December shipments, up by $5/mt on the higher end week on week. According to sources, some volumes have been traded to the UK lately, though the details of the sales have not been disclosed by the time of publication. Negotiations with the Balkan regions continue for lots to be customs cleared after January 1 and, overall, there is a lot of uncertainty for the first quarter of the year, taking into account CBAM-related uncertainties.
In the Turkish domestic rebar market, official offers stand at $545-570/mt ex-works, up by $15/mt on the higher end over the past week. Sources report that the general workable rebar prices in the Marmara and Izmir regions have also risen, by $5-10/mt to $545-560/mt ex-works amid higher production costs. Still, earlier this week some rebar tonnages were traded at around $535-540/mt ex-works in the Izmir.
One Iskenderun-based mill has set its rebar price at TRY 28,700/mt ($568/mt) ex-works today, November 5. The mill was offering rebar at TRY 28,300/mt ($561/mt) ex-works on Monday, November 3. According to sources, the latest workable rebar prices in the region have been standing at around $560/mt ex-works, versus $545-550/mt ex-works a week ago.
In the wire rod segment, export prices have settled at $555-565/mt FOB for late November-December shipments, up from $550-555 /mt FOB. Locally, the workable wire rod prices have also indicated a rise, increasing by $5/mt to $550-560/mt ex-works this week.
.jpeg)