SteelOrbis has learned from market sources that ex-Turkey rebar offers have increased by $10/mt since last week to $575-585/mt FOB. Although rebar demand in Turkish mills' export markets is below anticipated levels, Turkish producers have not decreased their offer prices, but are standing firm behind their prices.
Market sources state that rebar sales to the Iraqi market have remained quiet this week, though it was the most brisk foreign market for Turkish rebar suppliers last week. Turkish rebar producers have increased their rebar prices for Iraq by $10/mt as compared to last week to $595-600/mt ex-works after they had previously concluded deals for large volumes.
Market players state that as HMS I/II 80:20 prices on CFR Turkey basis have decreased by $10/mt compared to last week to $380/mt CFR, buyers are expecting a downward correction in Turkish rebar prices in Saudi Arabia and Israel and so they prefer to adopt a wait-and-see stance, although some demand for rebar imports exists in these markets.
The political crisis in Ukraine remains serious and has resulted in increased levels of uncertainty and it will be difficult to predict price movements until the crisis is resolved. Market sources state that Turkish producers are targeting a price level of $590/mt, though this is unlikely to accepted in the export markets due to the current uncertain conditions and so Turkish producers are focusing on their domestic market instead of on exports.