Turkish rebar export prices move down

Following the declines recorded in import scrap prices for Turkey, Turkish steel producers have reduced their rebar export offers by an average of $25/mt week on week to $415-480/mt FOB on actual weight basis. It is reported that buyers in the international markets are taking the lower global scrap prices into consideration and so are in no rush to conclude new deals for Turkish rebar. As a result, demand for Turkish rebar in the export markets has remained weak during the past week.
 
Turkish rebar producers returned to the US market two weeks ago and concluded deals for the first time in a long while and SteelOrbis is still receiving news about new rebar sales to the country. Following the US Department of Commerce's announcement of the preliminary decision in the antidumping (AD) case against Turkish rebar imports at the beginning of March, domestic rebar prices in the US have increased. With the AD margins no longer being a problem for US-based buyers, price inquiries from the US for Turkish rebar continue to be heard. On the other hand, concerns regarding the final decision of the AD investigation still exist in the US import rebar market. While Turkish steel mills have reduced their offers to the US, one of them has concluded a sale to the US for 40,000 mt of rebar at $510-520/mt CFR on theoretical weight basis. Moreover, it is heard that Turkish rebar export offers to the US are currently at $505/mt CFR on theoretical weight basis.
 
Giving the long-standing fluctuating trend of Chinese finished steel export quotations and the lack of a significant reduction in Chinese suppliers' rebar export offers, price inquiries for Turkish rebar in the Far East have also continued. Although it has occasionally been claimed that Far Eastern buyers are concluding purchases of Turkish rebar, market sources report that the latest Turkish sale to the region was three weeks ago to Singapore at $455/mt CFR on theoretical weight basis.
 
In the United Arab Emirates (UAE), local steel mills have surprisingly increased their domestic rebar quotations for April output this week, despite the declines seen in global scrap prices. Following the unexpected rises in domestic rebar quotations, UAE-based buyers have been maintaining a wait-and-see stance as they consider that it is too early for April output purchases and also due to the ongoing downward trend of global scrap prices.
 
Meanwhile, demand for Turkish rebar in Egypt is at low levels. However, Egyptian buyers who had been silent for a long time have resumed their inquiries for Turkish rebar after the price reduction made by Turkish steel mills. Although no revival in demand for Turkish rebar is expected until the outcome of the AD investigations opened for Turkish rebar and wire rod is clarified, Turkish rebar offers to Egypt this week have been at $450/mt CFR on actual weight basis. Market sources state that no new Turkish rebar deal has been concluded in Egypt at this price level.
 
SteelOrbis has been informed that Turkish steelmakers' offers to markets such as Israel, Africa, and Yemen, where they usually sell smaller tonnages, are currently at $415-420/mt FOB on actual weight basis, indicating a $25/mt decline week on week. Meanwhile, market sources report that demand in these markets is slightly weaker compared to last week.