Slack demand for Turkish rebar in export markets

SteelOrbis has been informed that Turkish rebar offers to the export markets have increased by $5/mt on the lower end and declined by $5/mt on the upper end to $405-410/mt FOB. Turkish exporters have adjusted their prices due to the US dollar gaining strength against the Turkish lira. After the price revision in question, it has become difficult for Turkish exporters to conclude new transactions in the export markets, while market sources state that exporters are only concluding rebar deals to Egypt and Iraq for small tonnages. Turkish rebar producers are focusing on the local market since demand in the export markets is currently slack. 
 
Meanwhile, Turkish producers' rebar offers to Dubai, which were at $405-410/mt last week, have moved sideways since August 18 in the range of $395-400/mt CFR. Turkish producers' offers to Dubai are still attractive despite the announcement by UAE-based Emirates Steel Industries (ESI) of a $40/mt decrease in its rebar prices for September output, with its prices now at around $420/mt ex-works. As a result, Turkish rebar exporters' sales to Dubai will likely continue in September.
 
Lastly, Turkish players' rebar offers to the US market have declined by around $5/mt over the past week to $415-425/mt CFR FO US Gulf ports, on theoretical weight basis. However, actual deals have been concluded at $5/mt lower than this price range. Buyers in the US market state demand for Turkish rebar is currently at medium levels.