Turkish domestic rebar prices have increased slightly in line with the rising costs for scrap and billet, sources said on Thursday November 30.

Metal Bulletin proposes to convert the weekly fob China Rebar price assessment for 12-32mm chromium-added rebar, to a daily index, starting from October 16 this year.

Export prices for Southern European rebar and wire rod have risen by €10 ($13) per tonne this week, market sources have told Metal Bulletin sister title Steel First.

The rate at which the European Commission’s import safeguard quotas for wire rod and rebar are filling up is still accelerating, and may give domestic long steel producers an opportunity to raise their prices in the next few weeks despite lukewarm demand.

The already short supplies of steel wire rod and rebar in the north of Europe are likely to get even tighter in the coming weeks after a fire led to the suspension of operations at the Thy-Marcinelle long steel mill in Belgium, sources told Fastmarkets on Wednesday June 23.

Turkish steel mills extended their silence in the deep-sea scrap market on Thursday June 17, with market participants reporting no new bookings for the second day in a row and describing the market as “quiet.”

The fob China rebar Pricing Notice published earlier today had the incorrect size specification and payment terms.

The recent start of electricity rationing in Taiwan capped any major price climbs in its containerized ferrous scrap import market during the week to Friday July 2, sources told Fastmarkets.

Rebar prices in Europe have been under downward pressure from subdued demand and the situation is unlikely to change for better anytime soon.

Saudi Arabia’s biggest steel producer, Hadeed Sabic, has increased its domestic rebar price to 2,200 riyals ($586) per tonne ex-works, Metal Bulletin has learned.