Turkish steel mills have become the only import source for billet and long steel products in the Middle East and North Africa (MENA) region, as European and CIS mills are away from market amid the Christmas and the New Year holidays. Even though demand has not recorded any significant recovery, Turkish mills have revised upward their billet and long steel export offers for January shipments, taking advantage of being the only source in the market.
Accordingly, Turkish steelmakers' rebar offers have increased by $10/mt as compared to last week to $600-615/mt FOB. However, market sources report that some deals have been concluded slightly below the current range, though Turkish mills are not planning to give discounts below the level of $600/mt FOB.
On the other hand, Turkish mills' billet export offers have also gained upward momentum during the same period, increasing by $10/mt to $545-560/mt FOB.
Meanwhile, wire rod and merchant bar export offers have remained in their previous price ranges, and it has been observed that merchant bar shipments are limited to small containerized tonnages.
Apart from the being only import source in the market during the holiday period, rising raw material prices have also boosted the offers and this situation leads to expectations for further increases in the coming weeks.