Turkish rebar prices up again on costlier scrap

Friday, 25 October 2019 17:11:43 (GMT+3)   |   Istanbul
       

Long steel export offers from Turkey have again strengthened compared to last week, following the sizeable price increase in the import scrap segment.

As the import scrap prices from the US have added $8/mt in the most recent deal, Turkish rebar export prices have moved up by $5/mt to $410-420/mt FOB in offers for end of November-December shipments. Mills report that the export sales remain slow in general, with only small lots booked this week to some nearby markets within the mentioned range. In addition, a small lot was booked last week to Yemen at slightly below $410/mt FOB.

Offers to Israel are at around $435-440/mt CFR or $415/mt FOB, SteelOrbis has learned. “These are the largest markets we have left. The rest of the inquiries are not worth talking about,” one Turkish producer mentioned. In Asia, bids for Turkish rebar are coming to $380-385/mt FOB, making it impossible for the suppliers to sell. In the US, business is non-existent even though Trump has changed his mind regarding the additional 25 percent duty. “No one is going to take a risk this big,” a producer said. As a result, some deals for November shipment lots were cancelled. In addition, according to the sources, offers from the EU are rather competitive, at $570-580/mt CFR on theoretical weight basis, duty paid.

It is worth mentioning that some livelier business has been seen this week in the local rebar market of Turkey, with mills having been able to sell at $415-420/mt ex-works. However, sources generally believe the situation is temporary. “I think they decided to book following Trump announcements, as they were fearing the economy will get worse,” a player said.


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