Posted on 03 Sep 2020
Following last week’s rebar sales to Singapore and Hong Kong, a Turkish mill has sold another rebar cargo to Hong Kong this week.
Kallanish hears from market sources that 52,000 tonnes of rebars have been sold to Hong Kong at $443/tonne fob Turkey actual weight, though the seller is yet to confirm the exact price.
Scrap prices, meanwhile, increased further on Wednesday, following fresh deals concluded this week as well as the rebar sales to Asia (see separate Kallanish article).
As a result of higher scrap prices and strong domestic rebar demand this week, Turkish mills’ rebar quotes have increased in both the domestic and export markets.
A Turkish trader tells Kallanish: "The rebar sales price to Hong Kong is way below offer prices but still good. That tonnage should not be passed up.”
Most Turkish mills’ export offer prices for rebar stand at $460/t fob Turkey actual weight. In the domestic market, prices have reached TRY 3,950-3,970/t ex-works, including VAT, following today’s price hikes. This corresponds to $454-456/t ex-works, excluding VAT, up from $446-450/t on 27 August.
Source:Kallanish
