Most Turkish mills are attempting to keep their longs prices firm as some market players believe competitive import billet purchases may create the opportunity for possible sales in the last quarter this year. However, the local rebar market does not look promising due to the ongoing unclear financial situation in the country and the continuing currency fluctuations. As a result, domestic rebar sales are not sufficient to compensate for the lack of rebar export sales. Sources report that, due to the ban on direct trade to Israel, the flow of Turkish rebar exports to this destination may be transacted via alternative routes such as Cyprus and Greece.
Currently, ex-Turkey rebar prices vary at $575-580/mt FOB for late August-early September shipments, stable over the past week. A 10,000 mt rebar sale has been rumored at $575/mt FOB or slightly below to Romania, while some market players mention Albania or Kosova for this rebar sale. Sources report a few inquiries are heard from the Balkans, the wider European market, and England. In the Turkish domestic rebar market, prices vary at $585-600/mt ex-works, stable over the past week. However, an additional small discount is only applicable for serious buyers and cash payment, given the ongoing currency fluctuations. In addition, Kardemir succeeded in selling around 23,500 mt of rebar at TRY 19,500, excluding VAT, with its advantageous payment terms on Monday, August 5. The Turkish central bank is going to announce its next interest rate decision on Tuesday, August 20.
In the wire rod export segment, most Turkish mills are offering wire rod at $590-595/mt FOB for late August-early September shipment, unchanged over the past week. Turkish official domestic wire rod prices are available at $590-610/mt ex-works, stable over the past week, while the workable price seems close to the lower end.