Turkish rebar export prices move sideways
Similar to last week’s trend, Turkish rebar export prices have remained stable week on week at $520-530/mt FOB on actual weight basis. It is observed that Turkish steel mills are continuing to conclude rebar export sales in small tonnages in this price range.
Although import scrap deals in Turkey were concluded at lower prices yesterday, November 9, as compared to previous transactions, Turkish steel producers have not revised their rebar quotations yet.
It was observed that buyers in Egypt had not shown any demand for Turkish rebar for a long time due to the Egyptian government’s decision to impose 10-19 percent temporary antidumping margin on Turkish rebar imports for four months followed by an extension for two more months. However, as the final determination in the antidumping case – expected to be announced in December – is approaching, Egyptian buyers’ demand for Turkish rebar has improved slightly in the past week. Turkish steelmakers’ rebar offers to Egypt are now at $535-540/mt CFR on actual weight basis. Market sources state that Egyptian buyers consider this price range to be on the high side due to the antidumping margins, while their firm bids for Turkish rebar are at $525/mt CFR on actual weight basis.
On the other hand, another market to which Turkish steel producers have failed to conclude rebar sales for a long time is United Arab Emirates (UAE) and there is still no demand for Turkish rebar in the country. Accordingly, Turkish steel mills are not giving any rebar offers to the UAE.
Following the rebar sales concluded to the US three weeks ago, no new Turkish rebar transaction in the US has been heard. Nevertheless, market sources report that US buyers are continuing to make price inquiries for Turkish rebar.
*This was published on SteelOrbis website on November 10, 2017.