Turkish mills are going through difficult times as the year-end approaches. While import scrap prices have been gradually moving down, longs buyers in the export markets have been exerting pressure on Turkish mills for additional discounts. European buyers are already in holiday mood, while there is also strong competition with North African rebar and wire rod suppliers. Moreover, the unrest in Syria also makes sales to the Middle East challenging.
Currently, ex-Turkey rebar prices vary at $570-575/mt FOB, down by $5/mt on the higher end for cargoes for late December-January shipment. In addition, a few mills have even been testing $565/mt FOB for serious buyers only. Most European and Balkan buyers are exerting pressure for further discounts due to the negative sentiment in the import scrap segment, while ex-North Africa rebar prices are also rumored at $550-565/mt FOB, particularly from Egypt. No fresh Turkish rebar sales have been heard for now.
In the Turkish domestic rebar market, the workable rebar prices have fallen to $565-570/mt ex-works in the Marmara and Izmir regions, including Icdas A.S., down by $15/mt over the past week. In addition, an Iskenderun-based mill has issued its official rebar price at TRY 24,200/mt ($580/mt) ex-works, at today’s exchange rate of $1 = TRY 34.75.
In the wire rod segment, most Turkish mills are offering at $570-580/mt FOB for late December-January shipment, down $10/mt week on week. In addition, workable Turkish domestic wire rod prices vary at $575-590/mt ex-works, also down by $10/mt over the same period.
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