While international long product demand has been inactive and sentiment has weakened with the slight drop in the recent scrap deal, Turkish mills have been struggling to keep their long product export prices firm. The business activity in the domestic rebar market has been quiet as well this week.
Ex-Turkey rebar prices have remained at $425-430/mt FOB over the past week for July shipment. Sources report a 2,000-2,500 mt lot of rebar was traded at $420-425/mt FOB to Senegal for July shipment last week. However, the deal was not confirmed by the time of publication. A 2,000-2,500 mt lot of rebar was sold at $430/mt FOB to Israel for July shipment this week, SteelOrbis has learned. Yemen is also said to be one of the key rebar export destinations, with active enquiries. However, no fresh rebar sale has been heard for now. Locally, approximately 5,000-10,000 mt of rebar were traded in the Iskenderun region at $430-435/mt ex-works last Friday, while this week no sizeable deals have been heard in the domestic market. “The highest prices are in the Iskenderun region, but they will be adjusted downwards a little as mills there have been gradually restarting production,” a large trader told SteelOrbis.
In the wire rod segment, Turkey’s export offers have weakened by $10/mt on the higher end and are currently standing at $440-450/mt FOB, mainly for July shipments. This week, a 2,000-2,500 mt lot of wire rod has been traded at $445/mt FOB to Israel for July shipment.