Ex-Turkey rebar export prices have weakened again on the negative import scrap market sentiment as well as due to still limited foreign demand. As a result, the product is available for purchase this week at $415-425/mt FOB versus $430-435/mt FOB, seen last week.
Being in need of sizeable orders, the mills have again started to target Asian markets. In particular, a 30,000 mt lot was reportedly sold to Singapore at $440/mt CFR on theoretical weight basis (October-November shipment), which corresponds to around $412-415/mt FOB on the actual weight basis. However, Turkey is not the only one hungry for sales. According to the market sources, Qatar has marketed 50,000 mt of rebar for November shipment to Hong Kong at around $440-445/mt CFR with freight estimated at around $16/mt, SteelOrbis has learned. Some sources say the deal was sealed closer to $448-450/mt CFR.
Turkish rebar prices have already lost $35-40/mt over the month, however, buyers believe some further weakening is possible. “I think $410/mt FOB might be achievable very soon, but to understand how much deeper we will have to wait,” a producer said.