Rebar producers in Turkey have followed the uptrend in the import scrap market by increasing their export prices as well; however, demand remains weak as buyers target lower levels.
Currently, rebar export prices from Turkey are at $415-425/mt FOB, up $5/mt from the higher end over the past week. Most mills are offering rebar for December shipments. SteelOrbis heard that around 11,000-12,000 mt of a mixed cargo was sold to Israel for end of November-December shipment, in which rebar was priced at $445/mt CFR LO and wire rod at $475/mt CFR LO. Mills report that orders are also coming from African countries. But generally demand for rebar exports is insufficient.
In the wire rod segment, EU buyers are cautious amid the wire rod quota issue, with the remaining volume being 64,251 mt. The Turkish wire rod offer range is stable from last week at $445-450/mt FOB for end November-December shipments. SteelOrbis has learned that southern European mills have been trying to increase their domestic wire rod prices to €430-440/mt ($473-484/mt) delivered to customer and slightly above. Source believe that if EU prices continue strengthening Turkish wire rod exporters might have a chance to sell, taking into account their euro-based offer equivalent is around €405-409/mt ($446-450/mt) FOB and that freight is estimated at around €15-25/mt ($17-27/mt).
€1 = $1.1