SteelOrbis has been informed that Turkish rebar offers to the export markets have started to increase following the latest higher-priced import scrap deals concluded in the Turkish market this week. Thus, Turkish rebar export offers, which were at $430-435/mt FOB last week, have increased by $10-15/mt week on week to the range of $440-445/mt FOB, while deals at $450/mt FOB also have been heard. However, after their costs increased due to higher import scrap prices, Turkish producers have decided to increase their rebar export prices despite the fact that their competitiveness in the global market is already weak due to the impact of low iron ore prices. Although rebar demand in the export markets is still at medium levels, no export deals for Turkish rebar have been concluded in the last couple of days for large volumes amid the strengthening of the US dollar.
Meanwhile, after Turkish producers' sales of 80,000 mt of rebar to the UAE market in the range of $430-435 CFR on theoretical weight basis during the past two weeks, Turkish rebar export offers to the UAE in this range are no longer available. Also, it is expected that buyers in the UAE will show greater interest in Turkish rebar offers in the coming days, as local steel producer Emirates Steel Industries (ESI) is not expected to change its prices for May
production sales, which will thus remain higher than Turkish offer prices. Meanwhile, it has been heard that a Turkish producer has concluded a deal to the Qatari market for 10,000-15,000 mt of rebar at $440/mt CFR, on theoretical weight basis and for May delivery. Apart from these deals, the ongoing rebar sales activity to Egypt and Iraq by Turkish producers, especially by producers in the south of the country, has started to accelerate, as indicated by market sources.