Turkish rebar export prices have fallen once again in the current week to $530-540/mt FOB on actual weight basis, declining by an average of $10/mt week on week. SteelOrbis has been informed that the weakness of demand in both domestic and export markets has also contributed to the falling trend of Turkish mills’ rebar export quotations which continues in parallel with the declines recorded in import scrap and billet prices.
It is observed that import rebar demand in the European Union (EU) countries is at low levels, and so Turkish mills’ sales to the region within the scope of EU’s safeguard measures have slowed down. Meanwhile, the uncertainties experienced in some EU countries’ customs about the quota measure in question are also causing demand for Turkish rebar to decrease. In the first week of August, Turkey’s rebar sales were mostly concluded to Germany and Netherlands at $540-545/mt FOB.
It is heard that two Turkish steel producers have concluded sales to Singapore in the current week for a total of 100,000 mt rebar at $520-530/mt FOB on actual weight basis. The production cuts and intense inspections regarding those cuts are pushing up Chinese steel export prices to high levels. Although China is the main steel supplier of the Far East region, now Turkish mills have higher chance to conclude rebar sales to the region.
On the other hand, The US President Donald Trump tweeted that he has just authorized to double tariffs on Turkish steel imports, increasing them from 25 percent to fifty percent. It is known that there is a surplus of import rebar inventories in US ports and US’ demand for import rebar has been at low levels due to seasonal conditions. Having already been characterized with weakness, demand for Turkish rebar in the US is expected to decline further after Trump’s message.