Turkish suppliers are mainly postponing fresh rebar deals as they are monitoring the raw material segment, while higher freight rates also pose an additional challenge. Most international buyers are delaying new purchases which makes it difficult to generate high-volume sales, specifically to the US, the Far East and Latin American markets.
Turkish suppliers have continued their rebar sales to regular export destinations such as Israel and Yemen. A small-tonnage rebar deal to Yemen has been rumored at $670/mt FOB on theoretical weight basis this week. Another rebar sale has been rumored to Israel, but the details have not been confirmed by the time of publication.
Ex-Turkey rebar export offer prices are mainly standing at $690/mt versus $670-680/mt FOB for November shipment, while a limited tonnage is still available for late October shipment. “Slightly above $690/mt FOB will be tested,” one source mentioned.
“The Turkish are negotiating for April 1, 2022, with European buyers due to the limited rebar quota,” another source commented.
In the Turkish domestic rebar market, most producers are offering rebar at around $680-690/mt ex-works, versus $665-670/mt ex-works a week earlier. Small-tonnage rebar sales were reported in the local market at $660-670/mt ex-works in the Izmir and Marmara regions earlier this week.
In the wire rod segment, a few Turkish mills are offering at $790/mt FOB, versus $770-780/mt FOB a week earlier. No fresh wire rod sales have been heard for now.