Following the recent rebar sales to the Balkans and Europe, a few Turkish mills have been testing relatively higher long steel export prices, while most international buyers are cautious as regards new purchases and are exerting pressure for further discounts.
In the Turkish domestic market, one Marmara-based mill started its maintenance works at the end of August and is expected to be back to the market by mid-September. However, the overall sentiment on the demand side is still negative amid limited liquidity and the high interest rates for bank loans in the Turkish domestic market.
Currently, Turkish rebar export prices vary at $580-590/mt FOB for late September-October shipments, rising by $10/mt over the past two weeks. Sources report that the majority of offers are close to the lower end of the range, while the higher end seems still a bit difficult to achieve under the current market conditions. Bid prices from a few buyers from the Balkan region are at $570-575/mt FOB, SteelOrbis has heard. In addition, another rebar sale to Lithuania was also rumored last week, without any further details disclosed by the time of publication. "Most European buyers have already concluded their longs purchases as the new quota round will begin on October 1, so they are not in a rush to restock," a source commented. A rebar sale to Yemen was also rumored, at around $585/mt FOB on actual weight basis last week, though it has not been confirmed by the time of publication.
In the local Turkish rebar market, the price range stands at $575-595/mt ex-works, up by $5/mt on the higher end over the past two weeks due to limited supply in the Marmara region, and in line with the ongoing currency fluctuations.
Over the past fortnight, in the wire rod segment, most Turkish mills have been offering at $595-600/mt FOB, versus $585-590/mt FOB for late September-October shipments. Local Turkish wire rod prices vary at $585-605/mt ex-works, stable over the same period.