During the past week, Turkish rebar export prices have increased by $15/mt on the lower end to $470-490/mt FOB on actual weight basis. Turkish rebar exporters have raised their prices due to the upward movement of global rebar prices triggered by the recent rises seen in Chinese long steel quotations and also given the sharp increases observed in import scrap quotations in Turkey. Additionally, the steady uptrend of Chinese rebar export quotations has led ex-China prices to reach $495-510/mt FOB on actual weight basis and so buyers in China’s main export markets - mostly in the Far East region - are reportedly looking for alternative suppliers. As a result, price inquiries for Turkish rebar continue to be heard from such markets.
Along with the Far East region, demand for Turkish rebar is also coming from Israel, Africa and Yemen. In the current week, Turkish steel mills have concluded rebar sales to these regions at $460-480/mt FOB on actual weight basis.
On the other hand, once again, no rebar sale has been made this week to what are usually the main export markets of Turkish producers - namely, the US, the United Arab Emirates (UAE) and Egypt.
UAE-based buyers are meeting their rebar needs from their domestic market and are showing no interest in Turkish rebar since domestic prices and delivery times are more attractive. Meanwhile, Egyptian buyers continue to make price inquiries for Turkish rebar, but, after the 10-19 percent dumping margin is added to the Turkish mills’ offers at $480-500/mt CFR on actual weight basis, Turkish producers’ prices are considered to be on the high side in Egypt.
In the US, the uncertainties surrounding the Section 232 probe continue. Both Turkish sellers and US buyers are cautious as regards concluding new transactions. Until the announcement of the result of the Section 232 investigation, no new Turkish rebar sale is expected to be concluded in the US. Market sources state that Turkish steelmakers may respond to inquiries made by US buyers, with their offer prices in an estimated range of $515-525/mt CFR on theoretical weight basis, if any potential costs accruing from the Section 232 investigation are carried by the US buyers.