At the beginning of the current week, in line with the continued
rebar price declines in the Turkish domestic
rebar market due to market uncertainty, end-users had withdrawn from the market.
Rebar prices in the local Turkish market had declined to TRY 996-992/mt ($625-623/mt) + VAT, and transactions had halted. However, towards the end of the week, with the conclusion of new scrap bookings by the steel producers, the Turkish
rebar market started to recover. On the last day of the current week, traders' local
rebar prices have settled at TRY 1,117/mt ($701/mt) + VAT, depending on the regions.
Early this week, Turkish mills'
rebar export offers were at $660-670/mt FOB. However, SteelOrbis has learned that, nearing the conclusion of deals, lower prices were also available in the market. In the past week, due to uncertainties in the
Middle East, as well as undetermined scrap price levels, buyers were not active in the market, preferring to delay their
rebar bookings.
This week, Turkish steel producers'
rebar offers to the Saudi Arabian market have been at $670-675/mt CFR on theoretical weight basis, while the price idea of buyers has remained at $665/mt CFR.
Early this week, Yemeni buyers had not yet started their
rebar purchases as scrap prices were still unclear. Towards the end of the current week, following Turkish mills' scrap bookings, these buyers have returned to the market. This week, Turkish mills'
rebar export offers to
Yemen were at $670-675/mt CFR on theoretical weight basis. Due to the reduced
rebar inventories in
Yemen, new
rebar purchases are expected to be concluded soon.
Last week, Turkish steelmakers concluded some
rebar bookings to the
US market at $690/mt CFR, while this week some producers have again given
rebar offers to the
US market at this price level.
In the
Far East, following the lunar New Year holidays in China and Taiwan, the situation in the
rebar market has yet to become clear. This week, Turkish
rebar offers to
Singapore have been at $680-685/mt CFR on theoretical weight basis.
Next week,
rebar prices in the Turkish market are foreseen to increase further.
$1 = TRY 1.593