Turkish mills' raised their domestic rebar list prices by a further $30/mt on week to $730-740/mt on May 10 with new price hikes in a bullish market supported by soaring prices in China. They have also increased their domestic scrap buying prices further in line with higher imported scrap pricing.
With the recent hikes the rise in Turkish mills domestic rebar list prices exceeded $100/mt in the last ten days.
Major long steel producer Icdas raised its rebar list prices by Lira 240/mt on May 10 and started offering 12-32 mm rebar at Lira 7,120/mt ex-works Biga including 18% value-added tax (VAT), or $730/mt ex-works excluding VAT, up $30/mt on week. The exchange rate was Lira 8.27/$1.
The company's offer prices for the same grade of rebar in the Istanbul region were around $10/mt higher at around $740/mt ex-works.
Bastug Metalurji, based in Osmaniye, southern Turkey, started offering lira-denominated 12-32 mm rebar at Lira 7,160/mt ex-works ($734/mt ex-works) excluding VAT; its 10 mm rebar list price rose to Lira 7,200/mt ex-works and the 8 mm price increased to Lira 7,240/mt ex-works, as of May 10.
Other Turkish long steel producers also increased their 12-32 mm rebar list prices to $730-$740/mt ex-works on May 10.
Colakoglu, one of Turkey's largest EAF-based steelmakers, pulled up its lira-denominated domestic buying price for DKP grade (auto bundle) scrap for the second time in a week by a further Lira 100/mt to Lira 4,025/mt ($486/mt) on May 10, while the company's extra grade domestic scrap buying price rose by the same amount to Lira 3,710/mt ($450/mt). The exchange rate was Lira 8.27/1$.
Turkish long steel producer Kroman Celik also raised its lira-denominated domestic scrap buying price by Lira 100/mt on May 10, with DKP grade rising to Lira 3,810/mt ($460/mt), while the company's extra grade domestic scrap buying price increased to Lira 3,690/mt ($446/mt).
The DKP scrap buying price for one of Turkey's largest alloy steel producers, Asil Celik, also increased further on May 10 to Lira 4,080/mt ($493/mt), while the company's extra grade domestic scrap buying price rose to Lira 3,710/mt ($449/mt), Platts learned.
