Better mood in Turkish rebar export market

The Turkish rebar export market has started to show some slight positive signs this week, though it is not yet as lively as the Turkish steel billet export market.
 
While it is now more widely believed that Turkish mills' rebar export offers have reached the bottom, the gap between mills' offer prices and buyers' counter bids has narrowed and the transaction volume has increased. Last week, buyers counter bids to Turkish mills were significantly below $610/mt FOB. Moving to this week, buyers' firm bids are now at $610/mt FOB against mills' rebar export offers at $615/mt FOB. The belief that mills' rebar prices have reached the bottom has favored the increase in buyers' price idea.
 
These developments can be seen as the emergence of the Turkish rebar export markets from their silence. Although no larger volume rebar transaction has been heard so far, with the narrowing of the gap between buyers' bids and mills' offer prices the transaction volume may increase in the next couple of weeks and the Turkish rebar export market may witness some increased activity. However, it is not likely that this revival will be strong enough to significantly push up Turkish mills' rebar export offers, which are currently standing at $610-625/mt FOB, though prices may reach $615-625/mt FOB with a slight strengthening on the lower end of the price range.