Turkish rebar export market

SteelOrbis is informed that Turkish mills are offering rebars for export at $475-485/mt FOB on actual weight basis for January shipments to destinations other than the US and Gulf markets. The rapid slowdown in rebar prices since the month of October is still continuing. The latest rebar prices in the UAE are at $490/mt CFR on a theoretical weight basis. Given that long prices continue to decline, the stability of scrap prices means that producers' margins are being constricted significantly. Therefore, if the scrap prices maintain their current levels, long prices are expected to decline even further. However, the decline in prices is not expected to be as rapid and severe as it has been over the last one and a half months.