Turkish producers have raised their rebar export offers by $5/mt on the upper end week on week to $460-470/mt FOB on actual weight basis. In the given period, Turkish mills’ export sales have mostly been concluded in the range of $455-460/mt FOB on actual weight basis.
As SteelOrbis had reported last week, Turkey has received rebar demand from Singapore and Hong Kong in the Far East region and also from Colombia in South America. Although it has not yet been confirmed, a sale of approximately 20,000-30,000 mt of rebar from Turkey to Singapore has reportedly been concluded through a trader at $472/mt CFR on theoretical weight basis. Meanwhile, the sale from Qatar to Singapore concluded last week for 50,000 mt of rebar at $472.5/mt CFR on theoretical weight basis has been interpreted as a sign of strong demand. Additionally, a Turkish steel mill has concluded a sale of 4,000 mt of rebar to Colombia at $498/mt CFR LO, excluding 18.5 percent import duty and for July shipment.
During the past week, it is observed that Turkish suppliers have received price inquiries for rebar from Africa, Israel and Lebanon. SteelOrbis has also been informed that several Turkish mills have offered rebar at approximately $694/mt DDP loaded truck at US Gulf ports in order to gain reentry to the US market.
On the other hand, in the latest booking in Turkey made yesterday, June 27, the price of HMS I/II 80:20 scrap increased to $293/mt CFR. Following this development, seeking to see whether this uptrend will continue, Turkish rebar mills have adopted a wait-and-see stance. Under the current circumstances, some Turkish producers have stopped giving rebar export offers, while others have kept their offers at $470/mt FOB. The general opinion in the market is that Turkish rebar export quotations will increase following the example of scrap prices.