Following the declines recorded in import scrap prices for
Turkey, Turkish steel producers have reduced their
rebar export offers by an average of $25/mt week on week to $415-480/mt FOB on actual weight basis. It is reported that buyers in the international markets are taking the lower global scrap prices into consideration and so are in no rush to conclude new deals for Turkish
rebar. As a result, demand for Turkish
rebar in the export markets has remained weak during the past week.
Turkish
rebar producers returned to the
US market two weeks ago and concluded deals for the first time in a long while and SteelOrbis is still receiving news about new
rebar sales to the country. Following the
US Department of Commerce's announcement of the preliminary decision in the antidumping (AD) case against Turkish
rebar imports at the beginning of March, domestic
rebar prices in the
US have increased. With the AD margins no longer being a problem for
US-based buyers, price inquiries from the
US for Turkish
rebar continue to be heard. On the other hand, concerns regarding the final decision of the AD investigation still exist in the
US import
rebar market. While Turkish steel mills have reduced their offers to the
US, one of them has concluded a sale to the
US for 40,000 mt of
rebar at $510-520/mt CFR on theoretical weight basis. Moreover, it is heard that Turkish
rebar export offers to the
US are currently at $505/mt CFR on theoretical weight basis.
Giving the long-standing fluctuating trend of Chinese finished steel export quotations and the lack of a significant reduction in Chinese suppliers'
rebar export offers, price inquiries for Turkish
rebar in the Far East have also continued. Although it has occasionally been claimed that Far Eastern buyers are concluding purchases of Turkish
rebar, market sources report that the latest Turkish sale to the region was three weeks ago to Singapore at $455/mt CFR on theoretical weight basis.
In the United Arab Emirates (
UAE), local steel mills have surprisingly increased their domestic
rebar quotations for April output this week, despite the declines seen in global scrap prices. Following the unexpected rises in domestic
rebar quotations,
UAE-based buyers have been maintaining a wait-and-see stance as they consider that it is too early for April output purchases and also due to the ongoing downward trend of global scrap prices.
Meanwhile, demand for Turkish
rebar in
Egypt is at low levels. However, Egyptian buyers who had been silent for a long time have resumed their inquiries for Turkish
rebar after the price reduction made by Turkish steel mills. Although no revival in demand for Turkish
rebar is expected until the outcome of the AD investigations opened for Turkish
rebar and wire rod is clarified, Turkish
rebar offers to
Egypt this week have been at $450/mt CFR on actual weight basis. Market sources state that no new Turkish
rebar deal has been concluded in
Egypt at this price level.
SteelOrbis has been informed that Turkish steelmakers' offers to markets such as Israel, Africa, and Yemen, where they usually sell smaller tonnages, are currently at $415-420/mt FOB on actual weight basis, indicating a $25/mt decline week on week. Meanwhile, market sources report that demand in these markets is slightly weaker compared to last week.