Trade in Turkey’s longs markets has mainly been on pause since the end of December due to the holiday period and the absence of the main foreign buyers in the market. Some European customers are still not back with inquiries and, moreover, evaluations of the CBAM mechanism continue and so there is not much expectation for an immediate restart of trade. The tensions in Venezuela are also expected to influence the demand coming from Latin America, sources believe. In the domestic market, with the lira exchange rate falling to a new low against the US dollar, most mills have decreased their offers in the national currency, but have attempted to raise the dollar equivalents, which does not yet work for customers.
Turkish rebar export offers are now standing at $565-575/mt FOB, up by $5/mt for late January-February shipments, compared to the end of last year. However, the workable rebar price seems to be closer to the lower end of the range under the current market conditions, but there are still not many takers considering the slow demand in Europe and unclear offerings from competitors from North Africa.
Currently, rebar mills’ official offers in Turkey’s domestic market are available at $560-585/mt, up by $5/mt on the lower end over the same period. The workable price levels have remained at $550-555/mt ex-works in the Iskenderun region, stable over the same period. A few Marmara-based mills are offering at $580/mt ex-works, unchanged. Most local buyers are aiming to purchase at not higher than $550-575/mt ex-works depending on the region, but, overall, the level of demand is reported to be low as not many need to restock urgently.
In the wire rod segment, official export prices have also increased, by $5/mt to $575-585/mt FOB for late January-February shipments. According to sources, additional discounts are applicable depending on the tonnage and the country inquiring. Locally, wire rod prices in Turkey have fallen by $5/mt to $560-580/mt ex-work depending on the region.
.jpeg)