Turkish rebar export offers increase further this week

During the past week, Turkish rebar offer prices to the export markets have increased by $5/mt on the upper end to $380-410/mt FOB on actual weight basis amid better demand in some target markets and due to the sharp rises recorded this week in scrap and billet quotations which have been moving upwards since the beginning of October.
 
Although new Turkish rebar deals in the US have been heard in the current week as US buyers want to conclude their purchases before the announcement of provisional antidumping (AD) duty rates for rebar imports from Turkey, Japan and Taiwan, buyers in the US still consider Turkish rebar offers to be on the high side and so no significant improvement has been recorded in demand from the US. In the current week, SteelOrbis has been informed that a Turkish steelmaker has concluded a rebar deal in the US at $400/mt CFR on theoretical weight basis.
 
Meanwhile, demand for Turkish rebar in the United Arab Emirates (UAE) is still at low levels since local producers' price levels are more attractive. As a result, Turkish steel mills have preferred not to give offers to the country during the past week.  
 
On the other hand, Egyptian buyers, who consider their local producers' rebar offers to be on the high side, have continued their Turkish rebar purchases during the past week, leading to a better demand for rebar imports from Turkey. According to market sources, Turkish rebar offers to Egypt have increased by an average of $5/mt week on week to $405-410/mt FOB on actual weight basis with the support of scrap and billet quotations.