According to market sources, following the Turkish
rebar export deals concluded over the past week especially to the US and Middle East in the range of $485-490/mt FOB, in the current week Turkish exporters'
rebar offers to foreign buyers are in the range of $500-510/mt FOB. Turkish
rebar prices both for the local and export markets have recently been increasing especially due to the rises in import scrap prices, which are currently on the high side at $311/mt. Market sources state that demand for Turkish
rebar exports is good, while the support provided by rising scrap prices for export offers has boosted sentiment. The sources say they believe that the current offers are more likely to be accepted under the current circumstances.
In the past week, a Turkish producer has concluded a
rebar deal to the UAE at $495/mt CFR, on theoretical weight basis and for shipments in January. Meanwhile, market sources state that the UAE buyers are waiting to see the anticipated price revision by local producer Emirates Steel Industries (ESI) before they conclude any import
rebar deals. If ESI's list prices are not satisfactory after the expected reduction, UAE buyers are expected to focus on ex-
Turkey rebar offers. In the meantime, ex-Turkish
rebar sales have been heard to Yemen in the range of $510-520/mt CFR. Finally, the US market is still an attractive option for Turkish exporters. The traditional Christmas lull in activity has not yet started in the US market, while it is known that US buyers have concluded import deals for Turkish
rebar at $510-515/mt CFR.