Turkish rebar prices remained stable on Tuesday, with little urgency shown by export buyers despite a recent uptick in scrap prices. According to Argus' daily, Turkish export assessment for rebar was unchanged at $590/t fob, with larger cargoes still available at this level.
European, mostly Balkan, buyers have been making inquiries this week, but trade has remained thin as they mostly check prices rather than place orders.
Rebar indications from suppliers were in a $590-605/t fob range, with most expecting at least $595/t fob. In the wire rod segment, material was available in a $605-625/t fob range.
The weekly wire rod assessment increased by $5/t to $600/t fob Turkey.
In the domestic market, offers from most mills were firm in a range of $610-620/t ex-works excluding VAT. However, material remains available from some mills at $595-600/t ex-works.
Restocking by domestic buyers has been lackluster, with a lack of firm signals from the construction sector, which continues to be constrained by high borrowing costs and currency depreciation.
Argus' daily Turkish domestic rebar assessment was unchanged at $600/t ex-works excluding VAT, with the lira equivalent also unchanged.
The Turkish rebar market is currently in a muted state, with both export and domestic buyers adopting a cautious approach ahead of the upcoming municipal elections in the country. Market participants are waiting to see the outcome before making major purchasing or sales decisions.
