SteelOrbis has been informed that Turkish rebar offers to the export markets have remained stable over the past week at $360-375/mt FOB. However, market sources report that, after negotiations, deals have been concluded at $350-360/mt FOB. Meanwhile, slack demand for Turkish has weakened further due to Feast of Sacrifice holiday and it has almost come to halt. This week, Turkish exporters have only concluded rebar deals for small tonnages to Saudi Arabia, Egypt and North Africa.
Meanwhile, Turkish players’ rebar offers to the US market have declined by $10/mt on average over the past week to $370-380/mt CFR FO US Gulf ports, on theoretical weight basis. Although many US import rebar buyers held back from booking rebar orders recently to see just how low offers could go, they have re-entered the market since they have started to consider the downtrend as unsustainable.