Turkish rebar offers to the export markets have remained unchanged over the past week at $320-345/mt FOB. As import scrap prices in Turkey have continued their downward movement during the past week and with demand being at low levels in the same period, overseas buyers have continued to exert pressure on Turkish rebar prices.
After UAE-based steelmaker Conares reduced its rebar prices this week, traders in the United Arab Emirates (UAE) have also adjusted their rebar prices downwards. Market sources state that, in line with the decreases seen in import scrap prices in Turkey, UAE-based buyers are targeting lower prices compared to the price levels seen in January bookings and are unwilling to conclude new deals above the price levels of $320-325/mt CFR UAE, instead exerting additional pressure on Turkish rebar offers following the adjustments seen in their domestic rebar market.
SteelOrbis has been informed that a Turkish steel producer has concluded a deal to Bahrain for 10,000 mt of rebar at $350/mt CFR, on theoretical weight basis. Also, according to market sources, several Turkish rebar exporters have given offers to Israel at $345-350/mt CFR LO, while Turkish rebar offers to Saudi Arabia are currently in the range of $340-345/mt CFR, both on theoretical weight basis.