Turkish steelmakers' rebar export offers have continued their gradual downward course. Over the past week, Turkish mills' rebar export offers have weakened by $10/mt to $520-525/mt FOB. As demand has failed to improve in the Middle East and North Africa, Turkish producers have had to cut their prices for buyers in these regions. With the ongoing declines in import
scrap prices and the increased volume of aggressive Chinese rebar offers, foreign buyers have been pushing for reductions in Turkish rebar prices, contributing to the poor demand for Turkish rebar.
Turkish mills state that under the above circumstances they have been trying to conclude sales with just low profit margins and so they have had to cut their production. It appears unlikely that Turkish mills will see any positive changes on the export side in the short term, while export prices will likely continue to slide down.