In the current week, despite the significant increases seen in the volume of inquiries for Turkish
rebar exports, actual demand has remained on the weak side. Meanwhile, Turkish
rebar offers to the export market have increased by $45/mt during the past week to $370-400/mt FOB against the backdrop of medium demand levels for
rebar in the local Turkish market and due to the sharp rises seen in global billet quotations. Turkish
rebar producers state that demand for Turkish
rebar in relatively small markets such as Israel and Lebanon has improved, while new price levels have failed to gain acceptance from buyers in the United Arab Emirates (UAE) and the US.
Buyers in the UAE, one of
Turkey's most important
rebar export markets, have decided to wait for local producers' announcements of new list prices before concluding any
rebar transactions. Market sources believe that local producers will increase their
rebar prices by $20-25/mt and that the announcement will be made in the coming week. Meanwhile, the most recent ex-
Turkey rebar offers to the UAE were at $380/mt CFR.
On the other hand, buyers in the US have reported that there is no tightness on the supply side as inventories at US ports are still at high levels. Since US buyers believe the increases in
rebar prices will be short-lived, they are still postponing their purchases.
Meanwhile, Turkish producers have concluded two
rebar deals this week to Israel and Lebanon at $387/mt FOB and $390/mt FOB, respectively, both on theoretical weight basis.