Demand for Turkish rebar in the international markets has remained at low levels over the past week. It is observed that there is no demand for Turkish rebar in the US, where steel imports from Turkey are subjected to fifty percent duty. Additionally, demand received from the Far Eastern buyers for Turkish rebar has been weak, and buyers in the region have exerted downward pressure on Turkish rebar prices. On the other hand, price inquiries for Turkish rebar in Europe have accelerated over the past week, but no new deal has been heard in this period.
Although market players initially thought that Turkey’s rebar export prices might fall due to the weakness of demand, it is observed that the rise in scrap prices have prevented a significant decrease. Turkish rebar exporters’ offers have only declined by $5/mt on the upper end week on week to $510-520/mt FOB.