Turkish rebar export prices fall slightly

Friday, 14 September 2018 17:31:45 (GMT+3)   |   Istanbul
       

It is observed that demand for Turkish rebar in the international markets has remained at low levels over the past week. With the additional factor of weak domestic rebar demand in Turkey, Turkish rebar producers have reduced their export offers on actual weight basis. Although offers at $525/mt FOB are still heard in the market, most offers have been revised to $510-520/mt FOB on actual weight basis.

No demand for Turkish rebar is seen in the US as a result of the 50 percent Section 232 duty in addition to the antidumping margins on steel imports from Turkey. And in the European Union, where demand for rebar is generally low, demand for Turkish rebar is also characterized by weakness. On the other hand, SteelOrbis has been informed that only 21.9 percent of the quota of 714,964 mt initiated by the European Commission for rebar imports (valid for the period up to February 3, 2019) has been filled, according to the most recent data shared on September 13.

Having failed to receive strong demand for rebar, Turkish steel mills have started to focus on the billet markets, where demand is better, concluding billet sales for October shipments and taking shares from the markets of CIS-based and Chinese billet suppliers. While Turkish billet export sales continue, Turkey’s billet export prices are seen to be in the range of $490-495/mt FOB in the deals concluded to markets such as the Far East, Tunisia, Sri Lanka and Morocco.

Billet sales have become more attractive for Turkish steelmakers since the margin between rebar and billet prices has declined after the downward revision made in rebar quotations. Turkish mills’ billet export prices have maintained their levels particularly due to lower global billet supply following the production cuts in China, and also due to higher domestic billet prices in Turkey supported by demand. With Chinese semi-finished and finished steel prices losing their competitiveness in this period, Turkish steel producers are able to conclude sales particularly to Far Eastern markets, taking advantage of this opportunity.


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