Temporary demand revival causes price fluctuation in Turkish rebar market

In the Turkish domestic rebar market, following the demand revival seen in the previous week, early last week rebar prices in Turkey's Marmara region were announced at TRY 1,025/mt ($674/mt) + VAT on actual weight basis. After this announcement, spot rebar prices increased in the domestic market.
 
On April 19, Turkish long steel producer Kardemir opened its rebar sales at TRY 1,026/mt ($675/mt) + VAT ex-works on actual weight basis, increasing its price by TRY 42/mt ($28/mt). However, this price range remained above buyers' price expectations and so there was not any response on the demand side. After this price range failed to gain acceptance in the market, traders' rebar prices, which were standing at TRY 1,009-1,017 ($663-669/mt) + VAT on actual weight basis early last week, softened in the middle of the week and transactions were concluded at TRY 992-1,000/mt ($652-658/mt) + VAT on actual weight basis. However, toward the end of last week, due to the supply shortage of certain sizes, rebar prices rebounded again to TRY 1,009-1,017/mt + VAT on actual weight basis.
 
Due to the fluctuation seen in spot rebar prices, transactions volumes have remained low.
 
In the Middle East and North Africa, Turkish mills' major rebar export markets, there has not been any improvement in demand, due to the ongoing strong political tensions in these regions. Last week, Turkish steel producers' rebar export offers increased by $5/mt, reaching $665-670/mt FOB on actual weight basis. In the meantime, higher offers have been heard in the market.
 
Turkish mills have lately concluded some rebar sales to the UAE, Singapore, Iraq and Hong Kong, though not in large volumes. The hot topic in Turkey's rebar export markets nowadays is Turkish mills' next move regarding their rebar export offers, which have remained above new domestic rebar prices announced by Dubai-based Emirates Steel Industries (ESI) at $675/mt for deliveries to site.
 
$1 = TRY 1.521