Turkish rebar export offers declined to $595-605/mt FOB towards the end of last week, compared to $600-610/mt FOB, while a small volume transaction has been concluded at $595/mt FOB. In the meantime, it is thought that Turkish mills would accept bids $5-10/mt below the mainstream price range for large orders.
The euro/dollar exchange rate has increased to 1.31, similar to the rate observed back in May this year, providing competitive support to Turkish mills. However, due to the sluggishness of market demand, Turkish mills' rebar prices have been unable to move upwards. The current exchange rate may provide some support for Turkish mills' prices, though a fall in the exchange rate may affect Turkish rebar offers negatively.