Market sources state that
Turkey's
rebar export offers have remained unchanged as compared to last week, still standing at $565-575/mt FOB on actual weight basis.
After the conclusion of ex-
Turkey rebar deals in
Yemen, the
UAE and Saudi Arabia at these price levels over the past two weeks, demand on the export side for Turkish
rebar offers has remained slack this week. With the approach of the month of Ramadan, which starts in late June this year, import
rebar purchasing activity in the Middle East and North Africa is expected to slow down, reducing the possibility of an improvement in
Turkey's
rebar export activity in the coming period.
On the other hand, only negligible declines have been observed in import scrap prices in the past two weeks, with HMS I/II 80:20 scrap offers trending sideways at $370-375/mt CFR, putting Turkish
rebar mills in a difficult position in an environment of low export demand and slow sales. Despite stable raw material costs, Turkish mills will likely be more flexible in terms of their prices in the coming days due to the low demand situation.