Demand for Turkish rebar in the international markets has remained at low levels this week, while Turkish rebar exporters’ offers have increased by $10/mt week on week to $530-540/mt FOB on theoretical weight basis. Market sources state that, although Turkish long steel producers’ export prices are considered to be on the high side in the global market, they are not planning to offer discounts ahead of the Feast of Sacrifice holiday (Aug. 31-Sept. 4) as their order books are fairly full. Additionally, Turkish steel mills expect the global steel market to maintain its upward movement, and so they are reportedly preparing to make another increase in their rebar export prices after the holiday.
In the current week, Turkish steel mills have continued to conclude their regular rebar sales to those markets to which they usually conclude sales of small rebar tonnages, with prices in these deals being at $530-535/mt FOB on theoretical weight basis.
Despite the rises seen in their domestic rebar prices, buyers in the United Arab Emirates (UAE) still consider Turkish rebar export offers to be on the high side. As a result, Turkish steel mills are not giving any offers to the UAE.
Following the indefinite delay of the announcement of the results of Section 232 investigation, US traders have returned to the import rebar market. It is observed that Turkish steel mills’ rebar offers to the US are currently in the range of $560-570/mt CFR on theoretical weight basis. Although US buyers have stepped up their price inquiries for Turkish rebar, the volume of their purchases of Turkish rebar is expected to be limited due to the current antidumping margins.