In the Turkish merchant bar market, prices have been following a sideways trend for two weeks now. In parallel with international merchant bar demand, local demand has also been weak. After the conclusion of sales to Morocco, export negotiations for the current week are continuing.
Based on the Istanbul Mineral and Metals Exporters Association's (IMMB) April figures, Turkey's top 16 merchant bar export markets in terms of tonnage are as presented in the table below. Contrary to March, sales to Saudi Arabia in April indicate a slight decrease as compared to the corresponding month in 2009.
Merchant bar exports to Argentina, Israel, US, Tunisia and Yemen registered increases in terms of tonnages in April, while the softening trends in exports to Iraq, Algeria and in the overall export tonnage are also worthy of note.
The Turkish rollers are observed to have turned towards the US and its neighboring countries while waiting for the Middle Eastern buyers to make their decisions in relation to the Turkish rollers' competitive export offers. In the North African market, with the euro/dollar exchange rate having gained clarity after the EU's stability package for the euro, we will watch to see how the southern European rollers will map out their sales strategy for this market.
