Price levels in the Turkish domestic rebar market have this week softened by over TRY 100/mt compared to last week. With the downward scrap price trend in the global scrap markets, semi-finished products have weakened; and this movement has also been a contributing factor in pushing down the rebar and merchant bar prices in Turkey. Buyers have lost their confidence in the market due to the price downtrend which has now been continuing for 12 successive weeks, and so they have been delaying their purchases of both semis and finished steel products. This week, rebar prices in Turkey have been in the range of TRY 770-830/mt including VAT ($384-413/mt excluding VAT), depending on the region. Turkish producers' offers to the export markets have this week declined due to the price decreases in the global markets. Turkish producers have this week offered rebars to the export markets, including the Persian Gulf, at price levels of $430-530/mt FOB on actual weight basis.
Rebar prices have this week also softened in the UAE compared to last week. While Turkish origin products have declined by AED 250-350/mt ($68-95/mt), Chinese origin material, which is more rarely seen in this market, has also softened by the same amount. Rebar prices in this market have this week been at price levels of AED 2,300-2,400/mt ($626-653/mt) for Turkish origin material and at AED 1,900-2,000/mt ($517-544/mt) for Chinese origin material. It is heard that Turkish producers have given some offers in the range of $475-500/mt CFR UAE on theoretical weight basis and have concluded some deals for various tonnages. However, it is heard that the UAE buyers have been purchasing in order to reduce their average costs.