Having moved down as of the third week of September, import scrap prices in Turkey have increased slightly in the middle of the current week with scrap suppliers offering higher prices to Turkish buyers. As a result, Turkish rebar export prices have moved sideways as of mid-week at $510-530/mt FOB on actual weight basis, having declined by $20/mt on the lower end and by $10/mt on the upper end at the beginning of the current week against the backdrop of weak demand.
Chinese suppliers have stayed away from the international steel markets during the week due to their national holiday. As a result, some buyers in the international markets are in no rush to conclude new rebar deals due to the uncertainty surrounding China’s strategy after its long holiday that ends on October 9. In the Far East region - Chinese suppliers’ main export market - buyers started to test the market as of yesterday, October 5, as they accelerated their price inquiries for Turkish rebar.
Due to the 10-19 percent temporary antidumping margin imposed on Turkish rebar imports, there is no demand for Turkish rebar in Egypt. And since the Egyptian authorities have announced the extension of the duty in question for another two months, no demand revival in Egypt for Turkish rebar is expected in the short term.
Although Turkish steel mills resumed giving rebar offers to the United Arab Emirates (UAE) last week, they are currently not focused on this market as there has been no demand for Turkish rebar in the UAE for a long time now. It is reported that Turkish steel mills’ rebar offers to the UAE have declined to $520/mt CFR on theoretical weight basis, though buyers, who are waiting for Emirates Steel Industries’ (ESI) new list prices for November output, do not expect new rebar deals to be concluded from Turkey at this stage.
It is observed that Turkish rebar exporters are still receiving weak demand from the US, while US President Donald Trump is facing more pressure to announce the result of the Section 232 probe. As a result, both Turkish sellers and US buyers are still maintaining their cautious stance as regards new transactions, while Turkish rebar producers’ replies to US buyers’ price inquiries are at $560-580/mt CFR on theoretical weight basis.