Turkish rebar export prices move up

In the current week, demand for Turkish rebar in the export markets has showed diverse trends, while Turkish rebar export offers have increased by an average of $20/mt week on week to $380-400/mt FOB on actual weight basis, with the influence of the upward trend of import scrap quotations in Turkey recorded since last week.
 
Although the problem of tightness of foreign exchange availability in Egypt still exists, Egyptian buyers consider domestic rebar prices to be on the high side. Therefore, demand for Turkish rebar has improved slightly in Egypt and is now at medium levels. In the current week, a Turkish steel producer has concluded a sale to the country for 15,000 mt of rebar at $400/mt CFR on actual weight basis. Meanwhile, Turkish rebar offers to Egypt have increased by $5/mt week on week to $390-400/mt FOB on actual weight basis.
 
On the contrary, demand for Turkish rebar in the United Arab Emirates (UAE) is currently at low levels. UAE-based buyers still consider domestic rebar prices in the UAE to be more attractive than Turkish rebar offers which have been trending upward since last week. Additionally, Turkish steel mills prefer not to give offers to the UAE for now, as buyers are not accepting higher Turkish rebar offers due to their very low price expectations.
 
Meanwhile, SteelOrbis has been informed that Turkish steel producers' latest rebar offers to the US have moved up by an average of $10/mt week on week to $390-400/mt CFR on theoretical weight basis due to the rises seen in import scrap quotations in Turkey in recent weeks.