Turkish rebar producers have started to offer discounts on their prices both locally and overseas following the long period of sharp increases in March. Despite the higher energy prices, in particular for electricity and natural gas, as well as higher freight rates, international buyers do not seem ready for high longs prices and are in wait-and-see mode. In terms of local demand, most local traders have already restocked material and have lately started offering discounts to buyers, in particular to construction companies in order to generate cash. As a result, even though import scrap prices and energy prices are high, most Turkish mills have kept their official longs prices stable and are even offering sizeable discounts for serious buyers.
In the Turkish domestic market, most Marmara-based mills are offering official rebar prices at $620-625/mt, up by $10/mt on the lower end from a week ago. In the Izmir region, the prices have settled at $605-607/mt ex-works, unchanged over the same period. In the Iskenderun region, rebar producers are offering at $598-609/mt, versus $603-607/mt ex-works previously. In general, workable rebar prices in the domestic market are standing at $598-615/mt ex-works for serious buyers and cash payment.
In the export segment, rebar from Turkey is still at $600-610/mt FOB in official offers for April and early May shipments, stable week on week. A few mills are testing $615/mt FOB this week. However, this price level seem a bit high under the current market conditions. The situation in the export segment may gain clarity following the two-week ceasefire announced between the US and Iran.
In the wire rod segment, local Turkish official prices have settled at $615-620/mt depending on the region, up by $10/mt over the past week. The workable wire rod export prices are evaluated at $610-620/mt FOB, rising by $5/mt over the same period. Turkish mills are testing wire rod export offers at $615-625/mt FOB, also up $5/mt from a week ago, for April and early May shipments.
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