Ongoing political turbulence in Iraq adversely impacts rebar market

Rebar prices in the Zaho region of northern Iraq are currently standing at $660/mt ex-warehouse, while demand has continued to remain weak due to ongoing political turbulence. However, import rebar demand is expected to recover as soon as current tensions come to an end. Meanwhile, Turkish mills' rebar offers from the nearby Iskenderun region are at $600-610/mt ex-works.
 
On the other hand, it is thought that, apart from finished steel products, Turkey will likely export high volumes of billet to the region and the Iraqi market will gain increased importance for Turkey in the coming years in terms of billet exports, amid the construction of rolling mills in Iraq.