According to market sources, during this week Turkish producers'
rebar offers to foreign markets have ranged at $440-450/mt FOB on actual weight basis, down $10/mt compared to last week. Amid the influence of expected declines of global scrap prices,
rebar buyers have been cautious about concluding deals and this situation has been reflected in declines in Turkish producers' export prices this week. However, foreign
rebar buyers, who had postponed their purchases for a while, have returned to the market and some ex-
Turkey rebar deals have been concluded during this week at the given price range.
This week, the Middle East has been the leading
rebar export market for Turkish steel producers. Three major Turkish steel producers have concluded deals
to the UAE market for a total of about 80,000-85,000 mt of
rebar at $450/mt CFR on theoretical weight basis. In the given week, some Turkish
rebar exporters have concluded
sales to Saudi Arabia at $445-460/mt CFR on theoretical weight basis, while in Yemen, where political tensions are high, China, one of the most important competitors for Turkish
rebar exporters, has not had much presence, and market sources have confirmed that Chinese
rebar exporters have not made any offers to the Yemeni market. In addition, as
Yemeni buyers have found Turkish producers' rebar offers to be reasonable at $470-475/mt CFR on theoretical weight basis, they have even made any inquiries for Chinese products. Also, it is reported that Turkish producers have this week concluded
rebar deals to North and West Africa and to Middle Eastern countries at $440-450/mt FOB.
Meanwhile, Turkish producers'
rebar offers could not find buyers
in the US market this week and so their prices for this destination have decreased by $15/mt as compared to last week to $475-485/mt CFR on theoretical weight basis. However, the large number of deals previously conclude to the US has limited the scope for an improvement in demand for Turkish
rebar in the country.
Despite the large volume of export transactions which Turkish producers concluded during this week, foreign buyers are still waiting to see lower ex-
Turkey rebar offers, due to the unclear outlook
in the scrap market, the expectations of possible price decreases, and the downtrend in the global markets.