SteelOrbis has been informed that Turkish rebar offers to Europe and the Middle East and North Africa (MENA) region have decreased by another $8/mt on average over the past week to $355-365/mt FOB. However, market sources report that, after negotiations, deals have been concluded at $350-360/mt FOB. This week, a Turkish producer has concluded a deal for a small tonnage to Egypt at $355/mt FOB, while Turkish exporters have continued to conclude rebar deals for small tonnages to Saudi Arabia, Egypt and North Africa at $350-360/mt FOB. Market sources state that after the Feast of Sacrifice holiday demand for Turkish rebar has remained weak, while buyers are cautious due to the declines seen in the rebar market, which cause them to maintain a wait-and-see stance in case of a further decline in prices.
Meanwhile, Turkish players' rebar offers to the US market have declined by $15/mt on average over the past week to $355-365/mt CFR FO US Gulf ports, on theoretical weight basis. Also, a Turkish producer has concluded a rebar deal to the US at $355/mt CFR, on theoretical weight basis. On the other hand, demand for Turkish rebar in the US has been at quiet during the week.