It is observed that Turkish rebar producers are facing weak demand in the international markets, and so they have further reduced their rebar export offers.
As Turkish mills are unable to conclude sales for large tonnages to their traditional main export markets due to duties and quotas, they have reduced their rebar export offers by an average of $12.5/mt week on week to $480-490/mt FOB, while demand from the markets to which they usually conclude deals for small tonnages has decreased.
The downward pressure exerted on Turkish rebar export offers was observed to increase amid the softening seen in scrap and billet quotations as of the middle of February, which caused buyers to postpone their purchases and demand to weaken. This situation has caused Turkish rebar export prices to fall further. Meanwhile, Turkish steelmakers are currently focusing on their billet and wire rod exports and are observed to be working to gain a share of the demand as international demand for Turkish billet and wire rod is relatively better as compared to demand for rebar.