SteelOrbis has been informed that Turkish rebar offers to the export markets have remained unchanged during the past week in the range of $410-415/mt FOB. Market players are maintaining a wait-and-see stance due to the confusion in the market resulting from the slight increase in scrap prices recorded in the last week of July.
Meanwhile, Turkish rebar offers to the UAE - the most important export market for Turkish rebar - have remained stable over the past week at $410-415/mt CFR, on theoretical weight basis. UAE-based buyers state that they are keeping a close eye on the uptrend of scrap prices and are waiting for scrap prices to decrease slightly in order to push for acceptance of their firm bids, which are at $405/mt and below.
On the other hand, Turkish rebar offers to the US have declined by around $10/mt week on week to $425-435/mt CFR FO US Gulf ports, on theoretical weight basis. Despite the downtrend in Turkish rebar offers prices, US-based buyers are postponing their bookings, predicting that finished steel prices will decrease further. Also, it seems that order activity is generally weak at this time of year.
Meanwhile, deals for small tonnages of Turkish rebar in Israel have been concluded in the range of $415-425/mt FOB, while rebar demand in Egypt and Iraq is still weak.