Having recovered last week, demand for Turkish rebar in the export markets has weakened again this week. Despite the softening of import scrap prices in Turkey during the current week, rebar prices in the Turkish domestic market moved upwards with support from the sharp depreciation of the Turkish lira against the US dollar, and this situation has provided support for Turkish rebar exporters’ quotations to move sideways. As a result, Turkey’s rebar export prices have remained stable week on week at $555-565/mt FOB on actual weight basis.
Meanwhile, Egypt’s Ministry of Industry and Trade has announced that it has terminated the countervailing duty investigation on rebar imports from Turkey and China without imposing any sanctions. However, Turkish rebar producers, who had received export permits from the Egyptian ministry a long time ago, still lack any price advantage in the Egyptian market due to ongoing antidumping duties and so no deals are being concluded. In these circumstances, Turkish producers are not expected to conclude rebar deals to Egypt in the short term.
Furthermore, the Canada Border Services Agency (CBSA) has concluded its antidumping reinvestigation of rebar from Turkey and other countries. Accordingly, the CBSA stated that specific normal values for future shipments of certain rebar have been determined for all exporters - including Turkish suppliers Colakoglu Metalurji A.S., İçdas Çelik Enerji Tersane ve Ulasim A.S., Kaptan Demir Celik Endustrisi ve Ticaret A.S. ve Kroman Çelik Sanayii A.S. - that submitted a complete response to the requests for information effective May 4. For all other exporters of subject goods originating in or exported from Turkey, normal values will be determined by ministerial specification, which are calculated by advancing the export price of the goods by 41 percent.