Over the past week, Turkish rebar exporters’ offers to target markets have decreased by $5/mt to $465-475/mt FOB on actual weight basis, while demand for Turkish rebar in the global market has remained slack. While no demand for Turkish rebar has been observed in the US since the 50 percent import duty has not been decreased as expected, buyers in Europe, where only 11.9 percent of the quota on rebar imports now remains unused, have not been active in the market since they are unwilling to increase their inventories ahead of the Christmas and New Year holidays.
As for the Far Eastern market where Turkish exporters are in competition with CIS-based and Chinese suppliers, no Turkish rebar sales to this destination have been heard in the given week. According to market sources, Turkish buyers are expected to continue to adopt an aggressive pricing strategy in the export markets as the outlook for their domestic market is negative.