Most Turkish longs producers are in wait-and-see mode while still facing insufficient demand in the export markets, particularly in the EU. However, import scrap prices have rebounded in the past couple of weeks, which, coupled with limited rebar production, gives the mills an opportunity to maintain their prices. In the meantime, the Turkish domestic longs market also lacks promise due to the ongoing unclear financial situation in the country, while one Marmara region-based re-roller has recently declared bankruptcy, reflecting the negative market situation.
Currently, Turkish rebar export prices still vary at $580-590/mt FOB for October shipments, stable week on week. The higher end of the range seems still seem a bit difficult to achieve under the current market conditions. No fresh rebar sale has been heard ahead of the IREPAS Conference to be held on September 15-17 in Paris. A few market players are optimistic that some export sales may be concluded during the conference.
In the local Turkish rebar market, the price range stands at $580-595/mt ex-works, up by $5/mt on the lower end over the past week amid the ongoing currency fluctuations and the relatively positive sentiment in the import scrap segment.
In the wire rod segment, most Turkish mills have been offering at $595-600/mt FOB, for October shipments, also stable over the same period. In addition, Turkish domestic wire rod prices vary at $585-605/mt ex-works, also unchanged over the same period.