Turkish longs market begins to recover
The rebar and billet markets in Turkey are gaining strength after a long period of weakness, market participants said on Thursday 14 February.
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Export billet prices were $545-550 per tonne, up from $535-540 per tonne the previous week, while domestic rebar was at $605-620 per tonne, up from $580-600 the previous week.
There were some strong sales of rebar and billet in the past week, leading mills to book scrap, a source at a Turkish steel mill said.
Domestic billet offers were at $545 per tonne and higher this week, following last week’s sale of 50,000 tonnes of billet to Saudi Arabia at $535 per tonne fob, the source said.
The same mill increased its bar and rebar offers today but there were no sales reported by the time of publication.
Another long steel producer also recently increased its long steel offers.
The recovery trend should continue in the coming weeks, another Turkish steel mill source said.
Offers for export rebar from Turkey remained at $600-610 per tonne fob.
Billet offers for import to Turkey were around $540-550 per tonne cfr, according to a merchant bar re-roller. This is up from $535-540 per tonne the previous week.
Merchant bar offers were at $640-650 per tonne fob but those prices could see a $5-10 increase soon because of the stronger billet market, the re-roller added.