Turkish rebar offers to the export markets have remained unchanged over the past week and are still at $320-345/mt FOB. After the deals concluded last week, demand for Turkish rebar exports has been sluggish and buyers are in no rush to conclude new transactions. As import scrap prices in Turkey have been trending downwards during the past week, overseas buyers have continued to exert pressure on Turkish rebar and billet prices.
In the UAE, Turkey's most important rebar export market, demand for Turkish rebar has been at low levels this week, while buyers in the UAE have nearly completed their purchases for February shipment. Market sources state that UAE-based buyers are expected to start negotiations with Turkish rebar exporters for March shipment in the coming period, while they are targeting lower prices in line with the decreases seen in import scrap prices in Turkey.
Meanwhile, demand for Turkish rebar in the US remains weak and buyers are still putting pressure on Turkish rebar prices. Finished steel inventories are still on the high side in the US. As a result, buyers in the country are in no rush to conclude new rebar bookings.