Is a rally possible in rebar, wire rod markets; despite a slowdown in the US?

Long product prices; especially rebar prices, reached record levels since the beginning of March due to the strong demand from the US and the return of the European mills to the market. However, the impact of the monsoon season caused a rapid decline on Chinese prices in Far East. This situation affected Gulf, Middle East, Mediterranean and Black Sea regions. Turkish mills' rebar export offer levels are at around $505-515/mt FOB this week. With the slight increase in scrap prices towards last week, customers in the UAE backed into market and it is heard that they concluded bookings at $530/mt CFR on theoretical weight basis. Sales concluded at around $505/mt FOB in Israel have been heard, but in small amounts. Market talks indicate that Iberia, which has recently slowed down in imports after a showy entrance to August, may return to the market towards the end of September. Domestically, demand is decent, but trading firms are undetermined regarding whether to build stock or not. Minimum price for 12 mm rebar was at TRY 860/mt, including VAT, ($497/mt+VAT) last week. With the revival of scrap, prices seem to record a slight increase. Prices for 12 mm rebar are at TRY 875-900/mt ($515-530/mt) this week. Recently, it is not possible to supply all thicknesses in the market, especially in Marmara region. Even though the prices were not increased as expected by the traders, we actually see that prices increased in terms of US Dollar taking into account the appreciation of the US Dollar against TRY. Turkish origin wire rod offers are at $480-485/mt FOB Turkish ports. Although the demand in the US slowed down, but increased slightly in Europe; Chinese offers of $480-485/mt CFR to the Southern Europe posed a difficulty on Turkish mills. Also lower offers of Chinese and Ukrainian mills in Gulf appear to force Turkish mills in this region. CIS domestic market retains its strength. Russian rebar and wire rod are still not very competitive. On the other hand, due to Mittal Steel Kriviy Rih's various price policies in different regions, the company's exports are heard decent. Rebar offers and sales of Ukrainian mill Mittal Steel Kriviy Rih for Algeria are at $440-445/mt FOB for late September shipment. Offers for other African countries are at higher prices. Big wire rod coil offers are generally at $455-470/mt FOB. However, sales could be concluded to Balkan countries above these levels. Offers to Gulf region are at $470/mt in an effort to compete with Chinese origin wire rod. It is widely expected in Mediterranean, Black Sea and Gulf that there will be a rally in prices during September. A slight rally in Chinese long prices and positive expectations ahead support this price expectation. However, the slowdown in the US and the uncertain situation of Europe after the holiday appear to be a bottleneck for the upturn.