SteelOrbis has learned from market sources that Turkish
rebar export offers have remained unchanged since last week at $565-575/mt FOB on theoretical weight basis.
Rebar demand in Turkish suppliers' main export markets is reported to have remained lower than anticipated and Turkish suppliers could only conclude
rebar sales to the
UAE,
Iraq and North Africa. In a 30,000 mt
rebar transaction to the
UAE, the
rebar price was at $565-570/mt CFR ($555-560/mt FOB) on theoretical weight basis, while the
rebar price in a low volume transaction to North Africa was at $575/mt FOB on theoretical weight basis. The most lively export market for Turkish
rebar suppliers in the past week has been
Iraq and
rebar sales totaling about 50,000 mt from the Iskenderun region have been concluded at $585/mt ex-works to this destination.
The ongoing strength of
scrap prices is providing support for Turkish
rebar mills in their firm stance on their prices. Although demand is not strong either in the Middle East or North Africa, Turkish mills are expected to keep their
rebar export offers at $565-570/mt FOB next week, as higher prices are unlikely to be accepted by foreign buyers. However, some market players think that
scrap prices may lose strength in the days to come, as
scrap demand for April from Turkish mills has slowed down and also due to expectations of a higher
scrap flow in spring, and this reduces the possibility of significant price hikes in
rebar export offers.