Last week, after UAE-based steelmaker Emirates Steel Industries (ESI) announced its rebar prices for December production, Turkish steel producers preferred not to decide on a pricing strategy for the UAE and stayed away from the UAE market. In the current week, Turkish steel mills have returned to the UAE market with rebar offers at $440/mt CFR on theoretical weight basis. In addition to UAE-based buyers' rebar inventories being on the high side, the buyers also consider current Turkish rebar offers to be unattractive. As a result, demand for Turkish rebar in the UAE market is still weak.
Egyptian steelmakers have also announced their list prices in the current week, with all of them increasing their domestic rebar quotations. According to market sources, Egyptian steel mills' price increases are not as high as Turkish exporters had been expecting, while Turkish rebar offers to the country are at $460/mt FOB on actual weight basis. This price level has failed to gain acceptance from Egyptian buyers whose rebar inventories are on the high side.
Domestic rebar prices in the US have continued their upward trend over the past week, while Turkish steel mills' rebar offers to the US have increased by $5/mt week on week to $470-475/mt CFR on theoretical weight basis. While US domestic rebar prices have continued their upward movement, Turkish steel mills have increased their rebar offer prices for the US as they do not want to be put in a tight position in the US where there is an ongoing antidumping investigation.