SteelOrbis has been informed that Turkish rebar offers to export markets have decreased by another $15/mt over the past week to $340-350/mt FOB, while exporters have concluded rebar deals for small tonnages to Iraq and North Africa. Market sources state that buyers are making inquiries by lowering their firm bids, though they are cautious about concluding deals due to the ongoing decrease of import prices of scrap and billet in Turkey. Meanwhile, demand for Turkish rebar is weak in the export markets.
On the other hand, Turkish players’ rebar offers to the US market have declined by $15/mt over the past week to $340-350/mt CFR FO US Gulf ports, on theoretical weight basis, while US-based buyers’ firm bids are at $335-340/mt CFR, on theoretical weight basis. Meanwhile, there are rumors that an ex-Russia deal for 40,000 mt of rebar has been concluded to the US at $340/mt CFR, on theoretical weight basis.