Demand for Turkish steel long products such as rebar and
wire rod have weakened but steelmakers said the number of enquiries was
increasing and domestic demand was slowly picking up so they are hoping a
slight revival in steel prices soon.
Turkish rebar was for sale at $650-$670/MT FOB i.e. down
from $690/MT at the beginning of the month.
“Depression in the EU has created a stalemate situation
between buyers and sellers, but essential buying is still taking place that
could stimulate the market,” a source at a Turkish steelmaker said.
“Scrap prices has bottomed out and will bounce back
over the next couple of weeks, due in part to domestic Turkish construction
picking up.”
Prices for 80:20 mix hot melted steel scrap was at $433/MT cost-and-freight
Turkey on Friday, according to the Steel Index. This compares with prices of
$465-470/MT at the beginning of the month.
The CIS and Turkey have registered a production increase in
September and the medium-term outlook for these areas remains positive as they
represent lower-cost alternatives to Western Europe.
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