According to market sources, Turkish
rebar offers to the export markets have remained unchanged since last week at $560-570/mt FOB, on actual weight basis. Negative sentiment has increased as regards the prospects for Turkish
rebar exports, while
rebar shipments to
Iraq have ground to a halt due to the worsening situation in the country, which is the main export market for Turkish
rebar producers. The conflict in
Iraq appears unlikely to be resolved in the short run and Turkish contracting firms have started to withdraw their employees from the country.
On the other hand, the Canadian International Trade Tribunal announced on June 17 that an antidumping and countervailing duty investigation has been initiated for
rebar imports from China, South Korea and
Turkey. Last year, 130,681 mt of Turkish
rebar was exported to Canada, which ranked 13th in terms of volume among export destinations for Turkish
rebar in the given year.
Turkish
rebar export activity is reported to be weakening amid the abovementioned market conditions and with Ramadan approaching export demand for Turkish
rebar is unlikely to improve in the short term. In the coming period, Turkish
rebar producers are expected to gradually reduce their prices for July and August shipments and try to keep their prices in the range of $555-565/mt FOB, unless scrap prices decrease significantly.