Turkey Finish Long Steel Exports Plunge 16% over Competitive Offers from CIS Nations

Finish long steel exports from Turkey moved down by 15.74% M-o-M and stood at 0.91 MnT in Nov'18, as per data retained by SteelMint.

As per custom data, the nation has exported about 0.91 MnT Finish long steel in Nov'18, which has moved down by 15.74% against 1.08 MnT in Oct'18. On contrary Y-o-Y basis, exports have been elongated by 4.59% against 0.87 MnT in Nov'17.

The export has moved down in line with sluggish demand of Rebar commodity as it's been dropped by 19% M-o-M basis along with downfall in ferrous scrap imports which is registered at 1.51 MnT in Nov'18 against 1.71 MnT in Oct'18, down by around 12%.

It's being observed that major export commodity come down as above and Russia is offering far reasonable offers on FoB basis in comparison from Turkey and price range were registered at USD 495/MT FoB Black Sea & Turkey were offering at USD 511/MT FoB (Week - 46 i:e; 2nd week of Nov'18)

Under Finish Long commodities following HS Codes has been considered - Bar & Rod (HS Code 7213 & 7214), MS Wire (HS Code 7217) along with Angle & Shapes (HS Code 7215 & 7216).

Sub-Commodity Wise - Rebar appeared with major share in exports and reported at 0.77 MnT in Nov'18 against 0.95 MnT in Oct'18; down by 18.94% followed by Structure at 0.11 MnT in Nov'18 and lastly Wire rod at 0.03 MnT in Nov'18 which is unchanged M-o-M respectively.

Country Wise - In Nov'18, the major exports of Finish Long Steel registered to Israel - 0.14 MnT (+7.69%) followed by Singapore - 0.11 MnT (+22.22%) and Yemen stood at 0.08 MnT increased by 33.34% against 0.06 MnT in Oct'18.

Import

As per the custom data, the nation has imported about 51,747 MT Finish long steel in Nov'18 against 53,533 MT in Oct'18, slight down by 3.33% M-o-M. In line Y-o-Y basis, exports have been diminished by 41% against 87,795 MT in Nov'17.

Updates

-- As per latest reports, European Union (EU) will continue its restrictions on the imports of steel until July 2021, earlier it had imposed provisional safeguard measures on 23 steel products for the period of six months i.e. till 4 Feb'19. The key steel exporting countries for EU are China, India, Russia, South Korea, Turkey, and Ukraine.

-- Turkey rebar export offers continue downtrend amid dull demand. In recent trades prices fell in the range USD 435-445/MT, FoB Turkey.

-- In the recent trade, a US seller sold 50,000 MT cargo to the Marmara based steelmaker comprising 17,000-20,000 MT HMS 1&2 (90:10), 5,000 MT P&S and remaining Shredded at an average price of USD 294/MT, CFR Turkey.