Demand for Turkish rebar exports still weak, prices move sideways

During the past week Turkish rebar export prices have moved sideways in the range of $385-410/mt FOB, while demand for Turkish rebar in the export markets has remained at low levels this week as Turkish steel exporters have resisted the downward pressure exerted by foreign buyers on their rebar offers.
 
Turkish rebar offers to the US and the United Arab Emirates (UAE) have both remained stable week on week at $420/mt CFR and $390-395/mt CFR respectively, both on theoretical weight basis. Meanwhile, Turkish rebar offers to Egypt have been at $390-400/mt FOB this week, for prompt delivery.
 
Market sources state that Turkish producers have failed to adequately translate higher import scrap prices into higher rebar export offers, while they believe the rises recorded in Chinese billet prices during the past two weeks may be reflected in global billet quotations. Having failed to reflect higher cost prices in their finished steel sales quotations, Turkish steel mills are unwilling to reduce their rebar export offers due to expectations of an upward movement in global semi-finished prices.