Bottom line for wire rod and rebar prices?

Rebar and wire rod prices in old world, except Europe, started to decline due to the pressure of Far East and the slowdown in the US imports during July. 12 mm rebar prices in Turkish domestic market were in a price range of TRY 860-910/mt ($500-530/mt+VAT) ex-works this week. The domestic price is including VAT and on actual weight basis. However, sales have been mostly concluded at $500-520/mt. Rebar export prices are in a price range of $500-510/mt FOB on actual weight basis for October shipment. Slowdown dominates the European market due to the holiday period and the Middle Eastern market because of the political conflicts. Offers in the Gulf region are at around $530/mt CFR on theoretical weight basis; however, the buyers' price idea is in a price range of $515-520/mt CFR. The mutual resistance continues, but low-level of scrap bookings concluded this week may increase the buyers' pressure on producers. On the other hand, some scrap suppliers' opinion that the scrap prices reached bottom line and if an increase in scrap prices comes true in the coming months, then the producers may create pressure on buyers. Everyone in Italy from producers to trading firms is on holiday. Also in Spain and Portugal, most of the trading firms are on holiday. This situation has a negative effect on trade. Iberia seems to be out of the market in rebar imports. China is still affecting wire rod market. Wire rods ex-Turkey are being offered to Iberia at $480-485/mt FOB, while Chinese origin same materials are being offered at $480-485/mt CFR to the same destination. The long-period of shipments and the compulsion to order big tonnages appear as disadvantages for China. However, low-Chinese prices force Turkish mills in this market. CIS domestic market is still strong. Trading firms have not much chance to conclude sales of Russian origin wire rod and rebar to the Middle East because export offer levels are high because of the domestic market. Domestic prices are also high in Ukraine, but more reasonable prices could be given rather than Russia. Wire rod offers of Mittal Steel Kriviy Rih are at $460-470/mt FOB Black Sea; but competing with China in Gulf and Middle East is difficult. Furthermore, downward trend of Turkish wire rod will also have a compulsion on Mittal Steel Kriviy Rih. On the other hand, it is heard that other Ukrainian wire rod producers have concluded sales at around $440/mt FOB. Mittal Steel Kriviy Rih's recent rebar sales are at $440/mt FOB. Consequently, decline in Middle East continues, Europe is on holiday and CIS domestic market is strong. The downward pricing trend of scrap pulls back prices of both Turkish and CIS origin materials. The strong CIS domestic market moderates the decline in this region. Some players, who do not expect further decline in the future, consider that the scrap prices reached the bottom line. This situation is expected to cause an upturn in long prices with the increased demand at the end of August.