Demand for Turkish rebar exports has been at low levels over the past week.
Since Chinese mills’ rebar export prices have increased after the week-long national holiday, Far Eastern buyers have continued to make price inquiries for Turkish rebar, though no new Turkish rebar sale to the region has been heard in the current week.
Due to the fifty percent duty initiated on rebar imports from Turkey, Turkish mills are still failing to catch a price advantage in the US. Accordingly, US based buyers have stopped their price inquiries for Turkish rebar. On the other hand, Canada announced provisional safeguard measures on seven steel products yesterday, October 11. Beginning from October 25, 2018, imports of these seven steel products will be subject to a 25 percent duty, in cases where the level of imports from trading partners exceeds historical norms. The provisional measures will be in place for a period of 200 days. New measures will apply to several countries, including China and Turkey, while the quotas in question were not shared in the statement.
SteelOrbis has also been informed that Turkish rebar producers have reduced their export offers by an average of $5/mt over the past week to $500-510/mt FOB.