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.