Although most Turkish mills have reduced their rebar export prices by $5/mt on average week on week to $465-475/mt FOB on actual weight basis to be able to meet buyers’ firm bids, it is observed that some mills are seeking ways to maintain their offers at $475/mt FOB on actual weight basis. International buyers have reduced their price expectations further in the given period, citing lower scrap quotations, with their firm bids varying in the range of $450-465/mt FOB on actual weight basis, depending on tonnage and destination.
Turkish mills report ongoing rebar sales to the European Union (EU) for the quota to be opened in July, but they also state that volumes have shrunk significantly from their former tonnages as demand remains weak. On the other hand, Turkey’s rebar export sales to markets such as Yemen and Israel, where Turkish mills usually sell small volumes, are continuing. Meanwhile, price inquiries are still received from the Far East region, particularly from Hong Kong and Singapore, but market players, who are in no rush for now, are waiting to see the outcome of the meetings between the US and China. Additionally, SteelOrbis has been informed that Turkish steel suppliers are receiving price inquiries for rebar from central and eastern Africa.
It is observed that international buyers are generally maintaining a cautious stance as they prefer to conclude purchases only in line with their needs as a precaution against a further fall in prices between the time of purchase and time of delivery.