Although import scrap prices have started to decline during the past week, Turkish
rebar export offers have remained unchanged in the range of $465-475/mt FOB. Demand and transaction activities for Turkish
rebar exports have been weak in the same period amid political uncertainties ahead of the June 7 general election in
Turkey.
Turkish producers'
rebar offers to the UAE market have also remained unchanged over the past week and are still in the range of 455-460/mt CFR on theoretical weight basis. In the current week, no new deals for Turkish
rebar have been heard in the UAE market. However, buyers in the UAE are expected to show greater interest in Turkish
rebar offers after the announcement by UAE-based Emirates Steel Industries (ESI) of a $20/mt increase in its
rebar prices for June output.
Meanwhile, import
rebar prices in the US have increased amid the strengthening of the US economy and rising
rebar consumption in the country. Accordingly, Turkish
rebar offers to the US have increased by $10/mt on average week on week to $475-485/mt CFR FO US Gulf ports on theoretical weight basis. Demand for Turkish
rebar in the US market is currently at medium levels. Meanwhile, market sources report that deals for small tonnages of Turkish
rebar in Syria and Iraq have continued to be concluded over the past week at $470-480/mt ex-works.