Turkish rebar producers are seeking to generate sales ahead of the holiday season since trading activity is expected to slow down during December. However, most international buyers are exerting pressure for further discounts amid the negative sentiment in the import scrap segment. In addition, local Turkish rebar sales are performing somewhat better than export sales, though domestic prices are also down over the past week. With Trump winning the US election today, some Turkish mills are waiting to see possible impacts in terms of antidumping duties on Turkish goods in the longer term.
Currently, ex-Turkey rebar offers are available at $590-600/mt FOB, down by $10/mt week on week, for late November-December shipments. A few inquiries are heard from the Balkan region. However, bid prices are standing at $570-580/mt FOB maximum, SteelOrbis has heard. "The existing rebar export tonnages to the US are already limited and most European, Japanese and South Korean suppliers are relatively active over there. If Trump considers imposing antidumping duties on these regions, then Turkish mills may have better opportunities for possible rebar sales to the US," one source commented.
Workable rebar prices in the Izmir and Marmara regions are at $600-615/mt ex-works, down $10/mt over the past week, including offers from Icdas A.S. In addition, on November 6 an Iskenderun-based mill has also issued its official rebar price, at TRY 25,500/mt ($620/mt) ex-works, at an exchange rate of $1 = TRY 34.23 today. This price indicates a TRY 1,000/mt ($25/mt) decline week on week. In addition, Kardemir succeeded in selling around 40,000 mt of rebar earlier today at around $610/mt ex-works with its advantageous payment terms.
In the wire rod segment, most Turkish mills are offering at $610/mt FOB for late November-December shipments, also down $10/mt over the past week. In addition, workable Turkish domestic wire rod prices vary at $615-625/mt ex-works, versus $620-635/mt ex-works, down $7.5/mt on average over the same period.