It is observed that Turkish rebar export prices have increased by $15/mt week on week and are currently at $520-530/mt FOB on actual weight basis. Since Turkish rebar export prices are moving up due to the rises recorded in import scrap quotations in Turkey, they are expected to increase further in the coming days amid higher import scrap prices recorded in the deals heard today, August 11.
In markets such as Israel and Yemen, where Turkish mills usually conclude sales of small rebar tonnages, buyers have accepted this new price range of $520-530/mt FOB on actual weight basis, concluding deals at these price levels in the current week.
Despite the upward movement of local producers’ rebar prices in the United Arab Emirates (UAE), Turkish rebar export quotations are still considered to be on the high side with demand for Turkish rebar remaining weak. As a result, Turkish steel producers are in no rush to determine a new price level for the UAE.
While Turkish rebar producers’ trading activities in the US had previously been almost stagnant for a significant period due to the Section 232 probe, negotiations between US buyers and Turkish steel mills, which resumed after President Donald Trump’s comments that the results of the US Section 232 investigation into imported steel may require more time, are currently still continuing. Amid the sharp price rises seen in their domestic rebar market, US buyers are expected to continue to show demand for Turkish rebar and for now it is believed that there is no obstacle in the way of Turkish steelmakers selling rebar to the US. SteelOrbis has also been informed that Turkish mills’ rebar offers to the US are currently at $550-560/mt CFR on theoretical weight basis.
Meanwhile, Egyptian buyers also consider Turkish rebar export prices to be on the high side. Accordingly, Turkish steel producers are not giving new offers to the North African country. Despite the rising trend of the Egyptian rebar market, Egyptian buyers face the cost of 10-19 percent temporary antidumping margin imposed on imports of Turkish rebar. So with the upward movement of Turkish rebar export prices continuing unabated, Turkey is not expected to conclude rebar sales to Egypt in the short term.