In the United Arab Emirates (UAE) market, where buyers have considered Turkish rebar offers to be on the high side over the past two months, domestic demand for rebar is still lively. Meanwhile, UAE-based traders' offers have continued the upward movement which started in the second week of October. Market sources state that this increasing trend of UAE-based traders' rebar prices has contributed to the decision by buyers to accept Turkish rebar offers. Turkish producers have concluded new rebar deals this week in the UAE market at $440-445/mt CFR on theoretical weight basis.
Following the conclusion of the US presidential race, steel producers in the US, who had increased their rebar offers at the end of October, have revised their rebar prices upwards again during the past week. US-based buyers expect domestic rebar quotations to rise further in December after the preliminary ruling in the AD trade case against imports from Turkey, Japan and Taiwan. Hence, they have concluded deals for Turkish rebar over the past two weeks. However, Turkish rebar offers to the US have softened slightly in the current week due the downward pressure caused by the price declines seen in China. Meanwhile, a Turkish steel mill has concluded a deal this week to the US for 20,000-30,000 mt of rebar at $455-460/mt FOB on actual weight basis.
SteelOrbis reported last week that Egyptian rebar producers increased their prices for their domestic market though their rises were lower than Turkish steel producers' expectations. At the beginning of the current week, Egypt-based steelmaker EZZ Steel reduced its domestic rebar prices to EGP 8,390/mt ($505/mt) ex-works. The steelmakers' domestic rebar prices were announced at EGP 9,200/mt ex-works on November 10. Other Egyptian steel producers have followed EZZ Steel's lead and reduced their rebar offers. As a result, Turkish producers' rebar prices to Egypt have failed to gain acceptance from buyers. Turkish steel mills prefer not to give new offers to the country, while their latest offers were at $430/mt FOB on actual weight basis last week.