Turkish rebar export prices have increased by $15/mt on the upper end week on week to $435-480/mt FOB on actual weight basis. The upper end of this export quotation range is shaped by offers given to the US.
Meanwhile, Turkish rebar suppliers are still maintaining their policy of focusing on their domestic market with the purpose of meeting buyers' current needs due to the ongoing tightness of supply, while they generally prefer not to show an active presence in the export markets. However, market sources state that from time to time Turkish rebar sales for small tonnages to markets such as Israel, Romania, Africa and Ethiopia are heard at $435/m on actual weight basis.
Following the final determination announced in the third week of May in the antidumping (AD) investigation initiated by the US against the Turkish rebar, Turkish steel producers have given new offers to this destination at $500-510/mt CFR on theoretical weight basis when responding to price inquiries. However, Turkish steel mills generally prefer not to give offers to the US due to the concerns caused by the ongoing Section 232 investigation initiated at the end of April. Market sources state that offer price range of $500-510/mt CFR ensures that any potential costs of the Section 232 investigation would be carried by US buyers.
Although rumors of Egypt imposing antidumping (AD) duties on rebar imports from Turkey, Ukraine and China for a period of four months have been heard in the current week, no official announcement has been made by Egypt's Ministry of Industry and Trade. As a result, the uncertainties in the Egyptian market still continue, while no new rebar offer from Turkish mills has been heard in the country as they are focusing on their domestic market.
Meanwhile, domestic rebar demand in the United Arab Emirates (UAE) is seen to be very slow, with no new Turkish rebar offer heard in the UAE either during the past week. Demand for domestically produced or Turkish rebar in the UAE is not expected to revive in the short term due to Ramadan.