Trading activity almost at standstill in Turkey’s target rebar export markets

During the past week, demand for Turkish rebar in the export markets has been very weak, with trading activity in Turkey's target rebar export markets almost at a standstill. Market sources state that, following the ex-Turkey rebar deal concluded last week in the United Arab Emirates (UAE) at $370/mt CFR on theoretical weight basis, no new Turkish rebar transaction has been heard in the export markets. Meanwhile, Turkish rebar quotations to the export markets have remained stable week on week at $360-390/mt FOB.
 
Market sources state that UAE-based traders' inventories are still at high levels, while traders in the UAE are not expected to deplete their stocks in the short term. As a result, demand for Turkish rebar in the UAE is not expected to rise in the coming days. Besides, the problem of the long-standing tightness of foreign exchange availability in Egypt - another important market for rebar exports from Turkey - has not been resolved yet. According to market sources, trading activity between Turkish rebar suppliers and Egyptian buyers has remained limited due to this ongoing problem.