Will Turkey rebar exports face protective measures in Gulf countries?

Friday, 12 February 2016 18:15:32 (GMT+3)   |   Istanbul
       

Turkish rebar offers to the export markets have decreased by $5/mt over the past week to $315-340/mt FOB, due to downward price pressure from buyers. However, in Turkish rebar exporters’ target markets, buyers’ firm bids are still $10/mt below the above price range. Accordingly, Turkish rebar export prices are expected to decrease further in transactions in the coming period. 
 
Gulf countries, including the UAE - one of Turkey’s most important rebar export markets, are considering taking protective measures against rebar imports. While regional producers have been stating for a long time that such measures need to be taken, the media has reported that eleven steel producers from Gulf countries have set up a committee to fight steel imports and seek a hike in import tariffs. The steel producers state that they favor a 15 percent safeguard duty for rebar imports, adding that the committee in question is due to meet next Monday, February 22, to discuss import regulations. They have also stated that protective measures may come into effect as of April this year. 
 
Meanwhile, even though Turkish rebar offers to the UAE have remained stable week on week at $330-333/mt CFR, buyers’ firm bids are at $320-325/mt CFR. Market players think that Turkish producers are likely to conclude rebar deals in the UAE by accepting buyers’ firm bids in the coming days. 
 
In the meantime, in the US and Gulf countries demand for Turkish rebar is still slack and buyers continue to exert pressure on prices.
Turkish rebar offers to the export markets have decreased by $5/mt over the past week to $315-340/mt FOB, due to downward price pressure from buyers. However, in Turkish rebar exporters’ target markets, buyers’ firm bids are still $10/mt below the above price range. Accordingly, Turkish rebar export prices are expected to decrease further in transactions in the coming period. 
Gulf countries, including the UAE - one of Turkey’s most important rebar export markets, are considering taking protective measures against rebar imports. While regional producers have been stating for a long time that such measures need to be taken, the media has reported that eleven steel producers from Gulf countries have set up a committee to fight steel imports and seek a hike in import tariffs. The steel producers state that they favor a 15 percent safeguard duty for rebar imports, adding that the committee in question is due to meet next Monday, February 22, to discuss import regulations. They have also stated that protective measures may come into effect as of April this year. 
Meanwhile, even though Turkish rebar offers to the UAE have remained stable week on week at $330-333/mt CFR, buyers’ firm bids are at $320-325/mt CFR. Market players think that Turkish producers are likely to conclude rebar deals in the UAE by accepting buyers’ firm bids in the coming days. 
In the meantime, in the US and other Gulf countries demand for Turkish rebar is still slack and buyers continue to exert pressure on prices.


Similar articles

US domestic rebar prices remain firm

25 Apr | Longs and Billet

Turkey’s ex-Baltic scrap prices move up, following deep sea prices

25 Apr | Scrap & Raw Materials

Romanian mill cuts rebar prices amid very slow demand, traders’ offers stable

25 Apr | Longs and Billet

Turkish domestic rebar spot prices stable

25 Apr | Longs and Billet

Import scrap prices in Bangladesh mainly stable in new containerized deals, more negotiations for bulk

25 Apr | Scrap & Raw Materials

Saudi Arabia’s Hadeed once again keeps offers stable for May

25 Apr | Longs and Billet

Major steel and raw material futures prices in China – Apr 25, 2024 

25 Apr | Longs and Billet

Bulgarian longs market moves down amid sluggish demand

25 Apr | Longs and Billet

MOC: Average steel prices in China up slightly during April 15-21

25 Apr | Steel News

Stocks of main finished steel products in China down 5.4% in mid-April

25 Apr | Steel News