Rebar demand slows down in Turkish mills’ export markets ahead of New Year

Early last week, Turkish mills' rebar export offers were standing at $665-675/mt FOB on actual weight basis. Moving to the current week, Turkish producers' export offers have increased by $10/mt, reaching $675-685/mt FOB on actual weight basis, for shipments in January. Although there are also some export offers available in the market at $690/mt FOB, buyers in Turkey's export markets are currently delaying their purchases, choosing to monitor the market trends instead.
 
Last week, buyers from Dubai had accelerated their rebar bookings from Turkey, while there had been also some transactions to Lebanon and Egypt. But this week, rebar demand in Turkey's major export markets has slowed down somewhat. Uncertainties in the euro zone have resulted in a cautious approach among buyers, who are keeping a close eye on the market while they prefer not to start purchasing at the moment. Although demand for Turkish rebar is slack this week, the outlook for 2012 in several Middle Eastern countries is positive, particularly in Saudi Arabia, Israel, Kuwait and Yemen. Rebar demand in these markets is foreseen to improve in the coming year.