Turkish mills’ rebar export offers move on soft trend

Struggling with low demand and high production costs, Turkish steel mills are currently offering rebar to the export markets at the price level of $590-605/mt FOB on actual weight basis. Ex-Turkey rebar offers are expected to remain under downward pressure due to the softening in Turkish mills' scrap purchase prices and the declining trend of ex-China rebar offers.
 
Chinese suppliers' current rebar offers to the Southeast Asian markets are standing at $540-550/mt FOB, though it is thought that the prices may soften further in the coming days. Chinese rebar prices had moved down in September following the significant price decline in scrap and iron ore, and there are concerns that their rebar prices could decline further in December.