Turkish mills have once again witnessed pressure from the generally slow international demand for longs coupled with weak scrap and geopolitical uncertainty in the region, while in the domestic market currency fluctuations and buyers being cautious have also become non-supportive factor for the general pricing.
Currently, Turkey’s export rebar offers vary at $540-550/mt FOB for July shipments, $5/mt down week on week. According to sources, a few mills are even testing the levels of $535-540/mt FOB which is only possible for serious buyers and decent volumes.
In the Turkish domestic market, the official rebar prices in the Marmara and Izmir regions dropped by $5/mt from the lower end and vary at $540-565/mt ex-works, including the offers from Icdas A.S. The workable rebar prices in these regions are at $535-560/mt ex-works. A 5,000-10,000 mt rebar sale is discussed in the market at $530-535/mt ex-works in the Izmir region this week.
It is worth mentioning that Kardemir succeeded in selling around 40,000 mt of rebar at $545/mt ex-works earlier today, June 18. In addition, an Iskenderun-based mill has offered its rebar prices at around $565/mt ex-works, for an extended delivery period. Although the mill's rebar price has remained stable in the local currency, it fell by $5/mt on US dollar basis due to ongoing currency fluctuations. According to sources, the latest workable rebar price in this region has been set at around $540/mt ex-works following Kardemir's today rebar sales, also down by $10/mt over the past week.
In the wire rod segment, most Turkish mills have also cut their export offers by $5/mt to $550-560/mt FOB over the past week, for July shipment. In addition, the workable Turkish domestic wire rod prices vary at $550-565/mt ex-works, also down by $5/mt on the lower end over the same period.