Turkish mills focus on their domestic market where prices increase

Scrap price increases seen in Turkish mills' latest bookings have been reflected in domestic steel billet and rebar prices. Turning their back on the still stagnant rebar export markets, Turkish mills have been focusing more on their domestic market, increasing the volume of their local offers. In addition, since rebar spot prices in the Turkish domestic market have risen, domestic sales have revived. Besides, it is thought that the energy price increases effective in Turkey since the beginning of this week have also contributed to the higher domestic billet prices.
 
SteelOrbis has learned from market sources that following a 60,000 mt local billet sale from Turkey's Iskenderun region this week at $635/mt ex-works, domestic billet prices have increased to $640-650/mt ex-works. In the meantime, Turkish mill Kardemir has sold approximately 20,000 mt of steel billet in its sales which it opened at $625/mt ex-works and the producer's sales are still open.
 
As of today, April 5, Turkey's rebar export offers are standing at $665-670/mt FOB on actual weight basis, though not many transactions are heard at this price range, since demand lacks strength in Turkish rebar suppliers' export markets.
 
On the other hand, after a softening seen in the Turkish domestic rebar market on Tuesday, April 3, prices started to increase in the afternoon of April 4, with traders' 12 mm rebar prices reaching TRY 1,203-1,229/mt ($668-683/mt) + VAT ex-warehouse. Following increases in scrap and billet prices, it is believed that further increases may be seen in rebar prices.