Turkish rebar export offers under pressure from buyers

Friday, 26 July 2019 11:14:27 (GMT+3)   |   Istanbul

Turkish steelmakers’ rebar export offers have decreased by $5/mt over the past week and are currently at $455-465/mt FOB on actual weight basis.

SteelOrbis has been informed by market sources that Turkish producers have continued to give rebar export offers to Hong Kong in the current week. Market sources report that buyers in Hong Kong are offering firm bids at $450-455/mt FOB Turkey this week. Average freight rates are heard to be around $40/mt from Turkey to Hong Kong.

Additionally, SteelOrbis has been informed that another ex-Turkey rebar sale was concluded to Yemen for 10,000-15,000 mt at $465/mt FOB last week.

It is observed that as of July 25 Turkey has already used 230,390 mt of its 301,537 mt EU rebar quota for the new quota period which started on July 1.

Meanwhile, although some Spanish rebar mills have started their maintenance works, it is believed that buyers in the EU will be unwilling to conclude new purchases of Turkish rebar since, considering the delivery period of 20-25 days, they will not want to be exposed to the 25 percent duty if quotas are exceeded in this period. However, a Turkish mill is heard to have sold approximately 4,000-5,000 mt of rebar to Romania at $455-460/mt FOB Turkey for August shipment. In addition, South American buyers are also making price inquiries for Turkish rebar.

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