Demand for Turkish rebar exports has improved somewhat during the past week, with Turkish rebar sales to the international markets reported to have increased in the given period. Despite the downward movement of both domestic and import scrap prices in Turkey, Turkish rebar export prices have increased by $5/mt on the lower end week on week to $550-560/mt FOB on actual weight basis due to the improved foreign demand in some target markets and on the back of the rebar export sales concluded over the past week.
Following the Canadian authorities’ decision to revise antidumping margins for rebar imports from some Turkish steel mills to zero and initiate a minimum import price instead, SteelOrbis has been informed that Turkish steel mills have concluded rebar sales this week to Canada at $560/mt FOB. Market sources state that Turkish steel mills’ total rebar sales to Canada have reached 120,000 mt during the past week. Under these circumstances, Turkish steel producers’ rebar sales to Canada are expected to continue in the short term.
Besides Canada, there are rumors that Turkish steelmakers have also sold large tonnages of rebar to Far Eastern markets and small tonnages to Africa and the Middle East at $550-560/mt FOB on actual weight basis.
On the other hand, no demand for Turkish rebar has been received from the United Arab Emirates (UAE) and Egypt this week despite the rises seen in domestic rebar quotations in these markets. As a result, Turkish steelmakers have not determined new price strategies for the UAE and Egypt.
Meanwhile, according to market sources, Turkish rebar offers to the US are currently at $570-600/mt CFR on theoretical weight basis. Market sources state that the scale of the damage caused by hurricanes Harvey and Irma has not become clear yet and that it is still too early to estimate the likely impact of the damage on the US steel market. Additionally, despite the indefinite delay of the announcement of the results of the Section 232 investigation, buyers and sellers are still maintaining a cautious stance as regards new deals due to the awaited announcement.