Rebar price decline stalls in Turkey after steel mills’ scrap bookings

Friday, 11 February 2011 16:45:25 (GMT+3)   |  
       

At the beginning of the current week, in line with the continued rebar price declines in the Turkish domestic rebar market due to market uncertainty, end-users had withdrawn from the market. Rebar prices in the local Turkish market had declined to TRY 996-992/mt ($625-623/mt) + VAT, and transactions had halted. However, towards the end of the week, with the conclusion of new scrap bookings by the steel producers, the Turkish rebar market started to recover. On the last day of the current week, traders' local rebar prices have settled at TRY 1,117/mt ($701/mt) + VAT, depending on the regions.
 
Early this week, Turkish mills' rebar export offers were at $660-670/mt FOB. However, SteelOrbis has learned that, nearing the conclusion of deals, lower prices were also available in the market. In the past week, due to uncertainties in the Middle East, as well as undetermined scrap price levels, buyers were not active in the market, preferring to delay their rebar bookings.
This week, Turkish steel producers' rebar offers to the Saudi Arabian market have been at $670-675/mt CFR on theoretical weight basis, while the price idea of buyers has remained at $665/mt CFR.
 
Early this week, Yemeni buyers had not yet started their rebar purchases as scrap prices were still unclear. Towards the end of the current week, following Turkish mills' scrap bookings, these buyers have returned to the market. This week, Turkish mills' rebar export offers to Yemen were at $670-675/mt CFR on theoretical weight basis. Due to the reduced rebar inventories in Yemen, new rebar purchases are expected to be concluded soon.
 
Last week, Turkish steelmakers concluded some rebar bookings to the US market at $690/mt CFR, while this week some producers have again given rebar offers to the US market at this price level.
 
In the Far East, following the lunar New Year holidays in China and Taiwan, the situation in the rebar market has yet to become clear. This week, Turkish rebar offers to Singapore have been at $680-685/mt CFR on theoretical weight basis.
 
Next week, rebar prices in the Turkish market are foreseen to increase further.
 
$1 = TRY 1.593

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