Turkish exporters have once again decreased their rebar offers, under pressure from limited overseas demand, uncertain scrap pricing and the significant decline seen in domestic prices. As a result, export rebar offers have dropped by another $20-30/mt this week to $720-730/mt FOB.
In the local market in Turkey, producers’ official prices have settled at $700-720/mt ex-works for now, following some downward adjustments. However, there have been active discussions of small lots being sold to end-users this week at down to $690/mt ex-works and below, which has raised the concerns of market players. Still, although the negative effect of the price situation for rebar is expected to impact billet and scrap pricing in Turkey, most sources believe that the actual workable level for rebar for decent volumes is not much below $700/mt ex-works for now.
In the wire rod export segment, a few Turkish mills are offering for August shipment at around $820/mt FOB, while slightly higher levels are also available. Sources report a wire rod deal has been concluded to Canada at around $815/mt FOB this week. International demand is somewhat better for wire rod than for rebar, according to reports received by SteelOrbis.