Posted on 01 Apr 2020
Turkish rebar export prices, which have been decreasing since the beginning of March, have recorded another sharp drop this week, Kallanish notes.
A Turkish trader is heard to have sold 10,000 tonnes or rebar to Jamaica at $400/tonne cfr. Some market players say the fob equivalent of this deal corresponds to $380-385/t fob Turkey actual weight, while others say it is below $380/t fob actual weight.
Turkish producers are struggling to sell rebar in the Asian market. With Chinese rebar export offers decreasing each day, competition is becoming tougher in the Asian market. Turkish rebar offers, which stood at $430/t cfr a week ago, currently stand at $405-410/t cfr Singapore theoretical weight. However, buyers’ price idea is not above $390/t cfr Singapore theoretical weight. Buyers are also seen to be concerned about sourcing from Turkey due to the risk of force majeure being declared in a possible lockdown in exporting countries.
Turkish mills’ rebar export offer prices, which stood at $395-410/t fob Turkey actual weight last Thursday, have dropped to $385-395/t fob actual weight. However, the limited number of buyers still in the market will not consider anything above $370-375/t fob. Turkish mills are unsure if they can buy scrap at desired levels of below $200/t cfr and are therefore reluctant to sell rebar at these levels.
Source:Kallanish
