Markets sources confirm that Turkish rebar export offers have indicated an increase of $10/mt since last week to $570-575/mt FOB. Turkish rebar exporters have received the strongest demand from Egyptian buyers this week, while some rebar bookings from Turkey to Egypt have been concluded at the above price levels.
Meanwhile, Ukrainian-based Metinvest has announced that it has stopped accepting new export orders, which could result in possible supply issues for import billet in Turkey. Thus, import billet will not be the best alternative to import scrap for Turkish steelmakers any longer, and this provides support for import scrap prices. In light of these developments, Turkish rebar producers have returned to the market with price increases after the Ramadan holiday.
Turkish steelmakers are expecting improved demand for rebar from the UAE and the Saudi markets in the coming days and they believe that the current price range will gain acceptance in these markets. On the other hand, political tensions are still pretty high in Iraq and so no positive developments on the demand side are expected from this market.