Sharp decline in Turkish merchant bar export offers

Under increasing pressure from weak demand and competition with lower ex-China offers against a background of decreasing iron ore prices, Turkish suppliers' merchant bar export offers have shown a sharp drop following their previous long-standing sideways trend.
 
With ex-China angle offers declining to $570-575/mt FOB, Turkish suppliers have lost a considerable part of their market share in the Middle East and are trying to regain their position by softening their prices as much as possible.
 
SteelOrbis has learned from market sources that Turkish rolling mills are currently offering angles for export at $645-655/mt FOB on actual weight basis. In addition, IPN-UPN are being offered at $645-655/mt FOB, flat bars are being offered at $655-665/mt FOB, 80-100-120 mm IPE is being offered at $665-675/mt FOB, 80-100-120 mm IPE A is being offered at $665-675/mt FOB and 80-100-120 mm IPE AA is also being offered at $665-675/mt FOB - all on actual weight basis and for September shipments.
 
It is possible to hear various offers depending on stock levels, region, shipment date and customer, and even lower prices from some rolling mills.
 
It is thought that, if iron ore prices for China decline further, Chinese merchant bar export offers will also follow suit. In this case, Turkish suppliers may also have to further soften their merchant bar export offers in the coming period.