Demand for Turkish
rebar in the export markets has increased slightly in the current week, though it is still at low levels, while Turkish
rebar offers to the export markets have remained unchanged week on week at $350-380/mt FOB.
Domestic
rebar prices of producers and traders in the United Arab Emirates (UAE) - one of the most important target markets for Turkish
rebar exporters - have remained stable this week as demand remains at medium levels, while Turkish
rebar offers to the country have also moved sideways at $360-365/mt CFR, on theoretical weight basis. On the other hand, UAE-based buyers, whose
rebar inventories are on the high side, have continued to exert downward pressure on Turkish
rebar export offers during the past week. However, Turkish steelmakers have been unwilling to reduce their
rebar offers to the UAE since last week.
In Egypt - another target market for Turkish
rebar exporters - domestic steelmakers have been forced to increase their
rebar prices due to the hike from eight percent to 13 percent recorded in VAT in the middle of September. Additionally, monitoring of
rebar imports arriving in Egypt has been tightened with imports only approved if they are sold directly by foreign producers or by their officially-authorized distributors. Accordingly, Egyptian buyers are showing more interest in purchasing
rebar from such sources. Under these circumstances, it is observed that inquiries for Turkish
rebar have increased in Egypt as buyers can directly purchase import
rebar from Turkish producers at more attractive prices compared to domestic
rebar quotations. The latest ex-
Turkey rebar sale was concluded last week in Egypt at $390/mt CFR on actual weight basis.
Meanwhile, US-based buyers, who want to increase their inventories before the announcement of provisional antidumping (AD) duty rates for
rebar imports from Japan, Taiwan and
Turkey, have stepped up their price inquiries for Turkish
rebar, while it is observed that Turkish
rebar quotations moved up in the deals concluded last week. In the current week, no new
rebar sale has been heard from
Turkey to the US, while deals concluded last week for Turkish
rebar were at $385/mt CFR.