This week, two separate sales, for 30-45,000t, were heard to have concluded to China and Vietnam at $420-425/t cfr. One of the mills initially targeted $430/t cfr, market participants said. Freight is understood to be at a minimum of $27-28/t.

 

At the same time, buyers and trading firms in Europe report that Turkish mills have increased prices into the bloc since those sales and are more in line with domestic prices in Turkey, amid looming trade measures. European member states will be voting on the commissions' proposed safeguard quota amendments on 12 June, and if approved, they will see Turkey's allocation to the EU slashed by about half.

 

The move could result in the emergence of a new regular trade route for Turkish mills, depending on European, Turkish and Asia-Pacific demand for flat steel. Turkish producers underwent a similar sales target transformation for their rebar sales, when duties were introduced in the US and Middle East over the past few years that saw them turn to Singapore and Hong Kong for large tonnage sales.