Most rebar export offers from Turkey are still standing at $455/mt FOB on average for September shipments. Despite most market players believing rebar prices of $440-445/mt FOB should be available, Turkish mills are not in the rush to go below $450/mt FOB for the time being, but instead prefer to wait and see if import scrap prices will continue to decline.
Demand from the EU for the Turkish rebar is scarce: as of now the remaining EU quota for Turkish rebar stands at around 55,946 mt and most buyers consider it risky to close deals. Market sources indicate that an ex-Turkey deal for approximately 14,000-15,000 mt of a mixed cargo of rebar and rebar in coil was concluded at $450/mt FOB to Romania during Feast of Sacrifice holiday for short-term delivery.
Additionally, Yemen has already become a regular market for Turkish exports, while it has been heard that Australian buyers have also been showing an active interest in imports of Turkish rebar, though no details of deals have been disclosed.
Wire rod export prices from Turkey are still standing at $490-500/mt FOB, while some mills report that small deals have also been transacted at $485/mt FOB. The remaining EU quota for Turkish wire rod now stands 117,936 mt, but most buyers are absent due to the summer holidays. However, wire rod sales are expected to gain momentum in September.