During the past week, Turkish rebar export prices have moved up by an average of $20/mt to $490-510/mt FOB on actual weight basis. It is observed that the rises seen in import scrap deals concluded in Turkey this week have pushed up Turkish rebar export prices.
Meanwhile, in export markets such as Israel, Yemen, Africa and Europe where sales of small tonnages of Turkish rebar are regularly concluded, price inquiries for Turkish rebar continue to be made. Also, market sources report that Turkish rebar deals in these markets have been concluded this week at $480-490/mt FOB on actual weight basis.
In parallel with the ongoing upward movement of Chinese billet and rebar export prices, price inquiries for Turkish rebar have gained momentum in the Far East. There is still demand for Turkish rebar in the region, though due to their increased production costs Turkish steel mills have failed to reduce their rebar offers to the levels of $460-470/mt FOB on actual weight basis requested by buyers.
There is once again no demand for Turkish rebar in the United Arab Emirates (UAE). UAE-based buyers prefer to work with local suppliers due to more attractive prices and delivery times. As a result, Turkish rebar producers have not determined any new price level for the UAE market.
With the influence of the rises seen in the local Egyptian rebar market, Turkish mills are still receiving price inquiries from this destination, though the number of inquiries has declined due to the steady increase seen in Turkish mills’ export quotations. It is considered unlikely that Egyptian buyers will accept the price levels of Turkish rebar producers at $500-520/mt CFR on actual weight basis due to the 10-19 percent dumping margin which will be added to deal prices.
In the US, the results of the Section 232 investigation have been delayed indefinitely but buyers are still cautious about concluding new Turkish rebar deals. Although US buyers are still occasionally making price inquiries for Turkish rebar due to the price rises seen in their domestic market, no actual rebar sale from Turkey to the US is expected to be concluded until the announcement of the results of the Section 232 probe.