Ex-Turkey rebar prices move up

At the beginning of the current week, Turkish rebar offers to the export markets moved down as demand failed to improve following Ramadan, but then they started to increase once again yesterday, July 14. In the current week, ex-Turkey rebar prices first fell by $10/mt on the lower end and by $15/mt on the upper end to $370-400/mt FOB. But yesterday, Turkish rebar prices moved up by $5/mt on the lower end and are currently at $375-400/mt FOB. Although Turkish steel producers' export sales have revived slightly this week, demand is still at low levels.
 
Turkish steel producers have increased their rebar export prices, in line with the rises in their production costs, following the upward movement recorded in ex-CIS billet offers on July 12 in line with the increases seen in Chinese billet export quotations, and due to the slight improvement seen in global scrap prices after their downward trend came to a halt.
 
On the other hand, UAE-based steel producers Emirates Steel Industries (ESI) and Conares have announced their new rebar prices this week. ESI has reduced its rebar prices by AED 527/mt ($144/mt) compared to its previous price levels to AED 1,750/mt (477/mt) ex-works. The day ESI announced its new rebar quotations, it was heard that a Turkish steel producer concluded a deal in the UAE for 20,000 mt of rebar at $380/mt CFR on theoretical weight basis. After this deal, market sources stated that the decline in ESI's rebar prices was insufficient and that ex-Turkey rebar quotations are still more attractive. SteelOrbis has been informed that Turkish steel producers have raised their rebar offers to the UAE by $5/mt to $385/mt on theoretical weight basis as market sources considered ESI's rebar prices to be on the high side and due to the increases recorded in global raw material and semi-finished quotations. Meanwhile, Conares has announced its new rebar quotations today, July 15, at $470/mt ex-works, raising them by $5/mt compared to their previous price levels. 
 
Following Ramadan, demand for Turkish rebar has increased slightly in Egypt, while SteelOrbis has been informed that ex-Turkey rebar deals in Egypt have been concluded this week at $395-400/mt CIF, for prompt shipment.
 
Also, buyers in Egypt, the UAE and Gulf countries have continued to make price inquiries for Turkish rebar, while demand for ex-Turkey rebar is expected to rise in these regions in the coming period.