SteelOrbis has been informed that rebar offers from Turkey to the export markets have decreased by $15-20/mt over the past week to the range of $420-425/mt FOB. Market sources state that demand in Turkey’s rebar export markets has not showed any recovery and so these price levels have gained no acceptance yet.
Additionally, offers to the UAE market, Turkey’s most important rebar export market, have declined by $20/mt over the past week to $420-425/mt CFR, on theoretical weight basis. This week, UAE-based buyers have started to make inquiries for Turkish rebar again and negotiations are continuing with some Turkish producers. However, UAE-based buyers are keeping a close eye on decreasing import scrap prices in Turkey and so they have revised their firm bids, reducing them to below $420/mt CFR. Market sources are wondering whether Turkish producers will accept these firm bids.
On the other hand, rebar offers from Turkey to the US market have remained unchanged at $450-460/mt CFR FO US Gulf ports during the past week, on theoretical weight basis. US buyers think that Turkish rebar offers will decrease in line with the downtrend of import scrap prices and so they are in no rush to conclude new import rebar purchases, meeting their needs from the domestic market for now.