SteelOrbis has been informed that Turkish rebar offers to the export markets have declined by another $5/mt on the lower end to $400-415/mt FOB, while market sources report that deals are mostly concluded at the low end of this price range and that buyers are unwilling to pay higher prices. Although import scrap prices have been increasing during the past three weeks, Turkish finished steel prices have recorded declines. Market players are wondering how finished steel prices will trend amid increasing import scrap prices in the coming period.
Meanwhile, Turkish producers’ rebar offers to Dubai have decreased by $5/mt week on week to the range of $405-410/mt CFR. However, it has been heard that, as a result of negotiations during actual transactions, two Turkish steel producers have concluded some deals for a total of 30,000 mt rebar to Dubai at $395-398/mt CFR on theoretical weight basis, while another Turkish producer has concluded rebar deals to Oman for 20,000 mt of rebar in the same price range and with the same conditions. Turkish steel producers state that, while the UAE is the only export market to conclude rebar deals for large tonnages - with the Chinese having taken over other export markets and with neighboring countries struggling with political and economic difficulties - they are currently dissatisfied with their sales prices to the UAE.
Meanwhile, Turkish rebar offers to the US have remained stable week on week at $420-430/mt CFR FO US Gulf ports, on theoretical weight basis. Market players state that the seasonal slowdown of rebar demand in the US has almost come to an end, and sellers are mostly focused on September sales.
Lastly, Turkish players are still concluding rebar deals to North Africa, Egypt and Iraq for small tonnages. It has been heard that a Turkish producer concluded a deal to Iraq for 3,000 mt of rebar at $400/mt ex-works, yesterday, August 13.