US scrap (HMS 1&2) has increased by $10-15/ton on the week to $385-387/ton CIF (Turkish ports).
Although European scrap suppliers are still quoting $370-375/ton CIF for December shipments, many market participants believe that higher scrap prices in the US local market risk creating a strong uptrend in the medium term.
On the other hand, the effects of the Israeli war are in full impact. While some Turkish ships were seized in the Red Sea, it was heard that the shipments of the remaining orders were halted.
Facing difficulties in the export market, Turkish steel producers are maintaining a strong stance in the domestic market. Although dollar-based sales offers remain constant, the exchange rate difference is reflected in TL prices.
November 20, 2023 www.steelradar.com evaluated spot rebar prices by region as follows;
Istanbul rebar prices 20,300 TL (+100) / 705,83 USD (+3,48)
Izmir rebar prices 19.900 TL (+100) / 691,92 USD (+3,48)
Karabuk rebar prices 20.200 TL (0,00) / 702,35 USD (0,00)
Payas rebar prices 20.400 TL (0,00) / 709,31 USD (0,00)
1 USD = 28,76 Turkish Lira
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