According to market sources, Turkish rebar export offers have softened by $5/mt since last week to $575-585/mt FOB on actual weight basis. Demand for Turkish rebar on the export side has remained weak, while some ex-Turkey rebar deals have been concluded in Ethiopia and Morocco, though for small volumes. In the meantime, Turkish rebar demand in Iraq this week is on the poor side, with the influence of the recent political tension between the two countries. Turkish rebar offers to the UAE, meanwhile, stand in the range of $580-585/mt CFR on theoretical weight basis and negotiations still continue in the market over the offers. On the other hand, ex-Turkey rebar offers to Egypt have indicated a decline of $10/mt over the past two weeks to $585-590/mt CIF, on theoretical weight basis, though demand for Turkish rebar has failed to pick up yet.
The decline of $10/mt in recent import scrap transaction prices has increased the downward pressure on Turkish mills' prices, while poor demand coming from the Middle East and North Africa has also ensured the continuation of the negative outlook on the export side. Due to the strengthening of the US dollar in global markets, buyers have remained cautious regarding offers on dollar basis. On the other hand, the improved transaction volume in the Turkish domestic market has provided some relief for Turkish steelmakers.