BURSA, Turkey Turkish long steel prices have continued to increase on the back of strengthening scrap import tags.
Rebar export offers were quoted at $610 to $615 per tonne f.o.b. this past week, up $5 to $10 from the previous week, while buyers were bidding at between $600 and $605 per tonne f.o.b., sources said.
"Turkish mills have already booked scrap before the year-end and the rebar traders are expecting a strong market in the first quarter of 2013, so they are in the market for stocking," a source at a long steel producer said.
A second Turkish long steel producer source said the holiday period had slowed the market as expected, but market sentiment generally was positive.
The slightly higher steel export prices come at a time when scrap sales to the region are being completed at slightly higher levels (amm.com, Dec. 27).
Meanwhile, merchant bar offers from Turkey were quoted at $660 to $670 per tonne f.o.b. for February delivery, about $5 higher than a week earlier.
Turkish billet offers also have advanced on costlier scrap. The countrys billet offers are between $555 and $565 per tonne f.o.b. for February delivery, while billet is being priced at $555 to $570 per tonne in the domestic market, up between $5 and $15 compared with the previous week.
A version of this article was first published by AMM sister publication Steel First.