Demand for Turkish
rebar in the export markets have remained at low levels this week, while Turkish
rebar export prices have increased by $10/mt week on week to $385-410/mt FOB following the rises recorded in import scrap quotations in
Turkey. However, Turkish exporters' new
rebar offer prices have failed to gain acceptance from foreign buyers. It has been observed that buyers' firm bids are currently at $370-375/mt FOB.
In the current week, price inquiries for Turkish
rebar have continued to be heard from the United Arab Emirates (UAE) and Egypt, while demand for ex-
Turkey rebar in the US has been very weak in the same period due to the high
rebar inventory levels in the country.
Market sources state that foreign buyers are exerting downward pressure on Turkish
rebar export offers and are unwilling to conclude deals above price levels of $370-375/mt FOB. As a result, market sources believe that Turkish steel mills may reduce their
rebar export prices in the coming period in accordance with buyers' firm bids. However, Turkish steel producers are reluctant to reduce their
rebar export prices as their production costs have increased due to the rises seen in import scrap quotations in
Turkey.