The upward trends in Turkish and CIS rebar export offers seen in the past month have respectively been replaced by a softening trend and sideways movement.
Last week, Turkish rebar export offers increased to $690-700/mt FOB, while CIS rebar export offers trended sideways at $650-660/mt FOB. After the uncertainty and softening seen in the Turkish domestic rebar market this week, buyers in Turkey's rebar export markets have started to wait for further cuts in Turkish offers.
As of today, Turkish rebar export offers currently at $670-680/mt FOB are expected to soften in the near future. Buyers in Turkey's rebar export markets state that there are certain Turkish suppliers in the market who are ready to accept prices at $665/mt FOB and consequently they believe that Turkish rebar export offers may decline to $660-670/mt FOB in the short term.
On the other hand, CIS rebar export offers still maintain last week's price level of $650-660/mt FOB. However, keeping a close eye on the Turkish market which is characterized by uncertainty and price softening, CIS rebar producers may soften their own offers to the export markets as well.
