In the 35th week of the year, i.e. the last week of August, the decline trend in the Turkish domestic and export merchant bar markets failed to register any slowdown. Buyers are hesitating to make purchases due to the continuously declining price levels. It is thought that the gradual decrease of billet prices is one of the main reasons behind the softening of the merchant bar offer prices.
Turkish rolling mills' export offers for merchant bars last week declined by a further $100/mt compared to the previous week, almost reaching the levels of the Chinese export offers. Despite this decline, no acceleration was observed on the buyers' side. In the last week of August, Turkish rolling mills were offering angles for export at $950-970/mt FOB on actual weight basis for September shipments. In addition, flat bars were being offered at $960-980/mt FOB, 80-100-120 mm IPE was being offered at $1,140-1,160/mt FOB, IPN-UPN were being offered at $960-980/mt FOB and 80-100-120 mm IPE AA was being offered at $1,150-1,170/mt FOB - all on actual weight basis and also for September shipments. It is heard that there were offers at lower levels than the abovementioned prices.
In the Bulgarian domestic market, it is heard that 10-140 mm UPNs were being offered last week at BGN 1,650-1,670 /mt ($1,235-1,250/mt), while 160-220 mm IPNs were being offered at BGN 1,820-1,850/mt ($1,362-1,384/mt), 160-220 mm IPES were being offered at BGN 1,820-1,850/mt (1,362-1,384$/mt), and 120-140 mm HEAs and HEBs were being offered at BGN 1,800-1,820/mt ($1,347-1,362/mt). All prices are ex-warehouse and excluding VAT.
Looking at the local Dubai market, it is observed that traders' offers for 140 mm and below merchant bars declined by AED 300-400/mt ($82-109/mt). Accordingly, the merchant bar offers in this market were last week at AED 4,000-4,500 /mt ($1,089-1,225/mt) delivered to customer.