The majority of Turkish mills are trying to keep their rebar export offers within $420-425/mt FOB this week, while earlier levels $5/mt lower were more widely available. Last week, the Turkish producers sold some rebar lots to various destinations, which has most probably eased pressure. Moreover, some offers are reported at $430/mt FOB, though this is not considered workable currently. Export demand generally remains limited, though some inquiries keep coming from Africa and the Middle East, SteelOrbis understands.
The producers are expected to refrain from sizeable discounts for now, at least until there is some downturn in scrap prices. “It will take a while for us to see a sharp improvement in demand. Therefore, rebar prices will continue following the prices for scrap,” a producer said.