Sentiment weakens on prospects for Turkish rebar exports

Friday, 20 June 2014 15:15:19 (GMT+3)   |   Istanbul
       

According to market sources, Turkish rebar offers to the export markets have remained unchanged since last week at $560-570/mt FOB, on actual weight basis. Negative sentiment has increased as regards the prospects for Turkish rebar exports, while rebar shipments to Iraq have ground to a halt due to the worsening situation in the country, which is the main export market for Turkish rebar producers. The conflict in Iraq appears unlikely to be resolved in the short run and Turkish contracting firms have started to withdraw their employees from the country.
 
On the other hand, the Canadian International Trade Tribunal announced on June 17 that an antidumping and countervailing duty investigation has been initiated for rebar imports from China, South Korea and Turkey. Last year, 130,681 mt of Turkish rebar was exported to Canada, which ranked 13th in terms of volume among export destinations for Turkish rebar in the given year.
 
Turkish rebar export activity is reported to be weakening amid the abovementioned market conditions and with Ramadan approaching export demand for Turkish rebar is unlikely to improve in the short term. In the coming period, Turkish rebar producers are expected to gradually reduce their prices for July and August shipments and try to keep their prices in the range of $555-565/mt FOB, unless scrap prices decrease significantly.
 

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