Turkish mills are still not able to reflect higher import scrap prices in their offers for longs in the domestic and export markets, considering insufficient demand and the uncertain outlook for the near future. Most European buyers are either postponing their orders or are attempting to buy internally within the EU in order to avoid any possible risks during the import process. Most Turkish mills are still focusing on the Balkan region, but buyers’ bids are at quite lower levels compared to the official offers. Local Turkish demand is not supportive either, which leads Turkish mills to offer discounts on longs prices to generate sales.
Currently, the official Turkish rebar export prices for May shipments are at $590-610/mt FOB, down by $5/mt over the past week. Sources report $590/mt FOB is not a widespread level and is a bit difficult to achieve since the producers are citing quite high costs. Inquiries are being received from Bulgaria and Romania but not many are being converted into sales due to CBAM-related issues. Egypt, Turkey’s competitor in the region, has increased its export prices by around $10/mt to $610-620/mt for rebar and $620-630/mt for wire rod, both on FOB basis and for June shipments.
In the local Turkish market, most Marmara region-based mills are officially offering rebar at $605-615/mt ex-works, down by $5/mt week on week. In the Izmir region, prices have settled at $597/mt ex-works, down $3/mt over the same period. In the Iskenderun region, rebar producers are offering at $593/mt ex-works, versus $592-595/mt a week ago. In general, the latest workable prices in the domestic rebar market have been reported at around $590-605/mt ex-works, unchanged over the past week. Sources state that demand is at moderate levels, but still most buyers prefer just to purchase their daily requirements and not to build up much stock amid considerable market uncertainty.
In the wire rod segment, Turkish official domestic prices are standing at $605-620/mt ex-works depending on the region, down $5/mt down on the lower end week on week. Turkish mills are testing wire rod export offers at $605-615/mt FOB, also down by $5/mt, for May shipment, while workable prices are at $600-610/mt FOB.
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