According to market sources,
rebar offers from
Turkey to the export markets have remained unchanged since last week at $560-570/mt FOB on actual weight basis. Even though there has not been any significant improvement in demand in the export markets, Turkish producers are seeking to maintain a firm stance on their prices as scrap prices have started to strengthen.
During the past week, ex-Turkish
rebar deals to Israel and Egypt have been heard for small tonnages in the price range of $555-560/mt FOB on actual weight basis. Over the last two weeks, the strongest demand increase for Turkish
rebar has been recorded in the UAE market, with ex-
Turkey deals being concluded to the UAE at $565/mt CFR for a total of approximately 125,000 mt.
Global
rebar demand is expected to rise after the Ramadan holiday, while Turkish
rebar producers are expected to increase their sales to the Middle Eastern and North African markets. On the other hand, the serious crises in Iraq and Israel create uncertainty for the
rebar markets. Additionally, aggressive
rebar offers from China at $455/mt FOB have been making competition harder for Turkish
rebar producers. In view of the negative market conditions mentioned, Turkish
rebar producers will try to maintain their current price levels in the coming days and, even though demand is expected to rise after the Ramadan holiday, a significant price increase is unlikely to be seen.