Due to the influence of the declines seen in import scrap prices in Turkey in the current week as well as the weak demand received from Turkish rebar exporters’ target markets, Turkish rebar export prices have decreased by an average of $5/mt week on week to $565-575/mt FOB on actual weight basis.
In addition to the declines seen in import scrap prices in Turkey, the mostly downward movement of Chinese billet and rebar export quotations seen since the beginning of January has caused overseas buyers to maintain a cautious stance as regard new deals, and so they are concluding deals for Turkish rebar only in line with their needs.
Due to the current circumstances, it is observed that Turkish steel producers have only concluded sales of small rebar tonnages to the export markets in the current week.
After selling approximately 100,000 mt of rebar to the US at $635-640/mt CFR on theoretical weight basis last week due to their more attractive prices, Turkish steel mills have failed to conclude any deals to the US in the current week.