Turkish
rebar export offers have remained stable at approximately $440-450/FOB this week, even though import scrap prices in
Turkey have started to weaken. Demand and transaction activity for Turkish
rebar has been quiet in the export markets, since most buyers prefer to keep a close eye on the scrap market outlook and have continued to insist on receiving lower offers from Turkish producers. However, Turkish steel mills have not yet given a positive reply to these requests from buyers.
In the coming weeks, US-based scrap suppliers are expected to return to the export markets with new offer prices and thereby shape the market trend. Most market players believe that US suppliers will decrease their scrap offers in order to accelerate their sales amid increasing supplies in April, and so downward pressure on Turkish producers'
rebar export prices is expected to increase next week. UAE-based importers, who concluded some ex-
Turkey rebar deals at $442-445/mt CFR on theoretical weight basis last week, are already waiting for Turkish
rebar offers to fall to $440/mt CFR and lower, on theoretical weight basis. Meanwhile, Yemeni buyers also consider Turkish producers'
rebar offers, which are currently at $460/mt CFR on theoretical weight basis, to be excessively high and are waiting for prices to be reduced to $440-450/mt CFR on theoretical weight basis. Even though demand for Turkish
rebar is expected to recover a little amid better weather conditions, the improvement in demand will likely be insufficient to provide support for increases in prices of scrap and finished steel.