As market sources have reported, Turkey's rebar export offers have remained stable since last week at $560-570/mt FOB on actual weight basis. Demand on the export side has failed to improve over the past week. Turkish rebar offers to the UAE have indicated a decline of $10/mt since last week, decreasing to levels of $560-565/mt CFR on theoretical weight basis. Meanwhile, Turkish rebar offers to Egypt are at $580/mt CIF on actual weight basis ($560-565/mt FOB), though Egyptian buyers are asking for discounts of $10/mt on these levels.
A Turkish steelmaker has sold rebar to Israel in the current week at $585/mt CFR on actual weight basis. In addition, some rebar deals have been concluded from Turkey to North Africa at $560-570/mt FOB on actual weight basis, though for small volumes. However, Turkish mills are having difficulties in competing in the region because of Chinese suppliers, as Chinese rebar offers to North Africa are at $507/mt FOB on actual weight basis.
Markets sources indicate that the decline in import scrap prices has bottomed out this week and that scrap buying activity in Turkey will likely slow down in the next few weeks. Meanwhile, despite low demand on the export side, Turkish mills are expected to seek to keep their prices stable on the back of support from stable raw material prices.
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