Turkish rebar and wire rod export prices fell in the week to Thursday August 5 amid weakening imported scrap values and limited demand in the major outlets, sources told Fastmarkets.
Turkish steel producers resumed their deep-sea scrap bookings on Tuesday August 3 after a short break, taking advantage of lower prices.
Fastmarkets’ calculation of the index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $455.81 per tonne on August 4, down by from $468.33 per tonne on July 28.
In response to the downturn in scrap prices, Turkish steel mills reduced their rebar export offers to $710-715 per tonne fob on actual weight basis, compared with $715-730 per tonne the previous last week.
Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), export, fob main port Turkey was $710-715 per tonne on Thursday August 5, down from the last week’s $715-730 per tonne.
Nevertheless, no significant export sales have been recorded in the week because buyers seek lower prices, sources said.
“Turkish producers lowered their rebar offers to $710 per tonne fob [but] buyers in the Asian territory would only accept $640-645 per tonne levels. I don’t think the mills will accept these levels now. But things may change in September if the market does not recover,” a Turkish source said.
In the meantime, mills in Turkey have decreased their export offers for wire rod to $800-810 per tonne fob, from the previous week’s $820-830 per tonne, while bids for the material were at $770-780 per tonne, sources said.
Fastmarkets’ weekly price assessment for steel wire rod (mesh quality), export, fob main port Turkey, was $780-800 per tonne on August 5, down from $790-820 per tonne the previous week.
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