SteelOrbis has been informed that Turkish rebar offers to the export markets have decreased by $15/mt on the low end over the past week to $375-400/mt FOB. Meanwhile, transaction activity has significantly slowed down in Turkish rebar export markets this week due to increasing import scrap prices and fluctuating trend of US dollar and euro currency rate, which is exerting cautiousness among buyers. Therefore, Turkish exporters have only succeeded to conclude rebar deals in North Africa, while Egypt and Iraq rebar markets were weak in terms of transaction volumes.
Meanwhile, Turkish players’ rebar offers to the US market have declined by around $5/mt over the past week and have started to range at $400-405/mt CFR FO US Gulf ports, on theoretical weight basis. US buyers think that it might be better to place rebar orders before the trend reversal and so they have increased their inquiries for Turkish rebar.