According to market sources, rebar offers from Turkish producers to the export markets have remained unchanged over the past week in the range of $550-560/mt FOB.
Egypt's Ministry of Industry and Trade announced on Tuesday, October 14 that it has imposed temporary tariffs on rebar imports to protect the domestic rebar manufacturers. The 7.3 percent temporary tariff will be valid for a maximum of 200 days at a minimum of EGP 290/mt ($40.5/mt). This is yet another factor which will negatively impact Turkish rebar exports, in addition to the pressure from low-priced Chinese offers.
In the current week, demand for Turkish rebar exports has mostly been weak. Buyers in the Middle East and North Africa have increased their negotiations with Turkish producers against the backdrop of cheaper Chinese offers, while they are in no rush to conclude new transactions for the time being due to expectations of a decline in Turkish rebar prices. The import rebar price ideas of buyers in the Middle East and North Africa have declined by $5-6/mt over the past week, with buyers in these regions maintaining a wait-and-see approach.