With the influence of the rising trend of import scrap prices in
Turkey, Turkish
rebar export quotations have increased by an average of $30/mt week on week to $450-495/mt FOB on actual weight basis. However, buyers in the international markets have mostly found Turkish
rebar offers to be on the high side. Accordingly, demand for Turkish
rebar in the export markets has remained at low levels.
Following the announcement of the preliminary decision in the antidumping (AD) case against Turkish
rebar imports,
US-based steel producers have raised their domestic
rebar prices as expected, increasing them by $25-30/mt effective as of March 9. Market sources state that Turkish steel mills'
rebar offers to the
US this week stand at $525-530/mt CFR on theoretical weight basis, including the AD margin. Although
US-based buyers' demand for Turkish
rebar has revived slightly after spot
rebar quotations in the
US reached $717-750/mt ex-works, no new Turkish
rebar sale has yet been heard in the country.
While demand for domestically produced
rebar in the United Arab Emirates (
UAE) has been at decent levels over the past week, market sources state that buyers prefer local suppliers due to their attractive prices. Market sources report that there is no demand for Turkish
rebar in the
UAE and so Turkish steel producers have not determined a pricing strategy for the country.
Following the AD investigation for Turkish
rebar in Egypt initiated at the end of December, demand for Turkish
rebar in the country had come to a halt. Since there has not been any revival of demand in Egypt, Turkish steel mills have not issued any new price strategy for Egypt either.
Buyers in the Far East - Chinese exporters' traditional target market - have mostly maintained a wait-and-see stance during the past week. On the other hand, it is heard that a Turkish steel producer has concluded a
rebar sale to Singapore at $455/mt CFR on theoretical weight basis, though the deal has not been confirmed by the seller or the buyer. While demand in the Far East for Turkish
rebar strictly depends on Chinese suppliers' pricing strategies, demand for Turkish billet and
rebar in the region is expected to continue until Chinese suppliers offer more advantageous quotations.
Meanwhile, SteelOrbis has been informed that Turkish steelmakers' offers to markets such as Israel, Africa,
Romania and
Bulgaria, where they usually sell smaller tonnages, are currently at $450/mt FOB on actual weight basis. On the other hand, market sources report that firm bids of buyers in these regions for Turkish
rebar stand at $430-440/mt FOB, while actual sales are concluded in the range of $440-445/mt FOB.