Turkish rebar export sales continue as prices decline further

Demand for Turkish rebar in the export markets has remained slack during the past week. Market sources state that following the ex-Turkey deal for 25,000 mt of rebar concluded last week in the United Arab Emirates (UAE) at $378/mt CFR on theoretical weight basis, Turkish rebar quotations to the export markets have declined further by $10/mt week on week to $360-390/mt FOB.
 
According to market sources, this week a Turkish cargo consisting of 20,000 mt of rebar has been sold to the UAE - Turkey's most important rebar export market - at $370/mt CFR on theoretical weight basis.
 
Besides, Turkish rebar suppliers are giving only a limited number of offers to Egypt - another important market for rebar exports from Turkey - due to the ongoing tightness of foreign exchange availability in this destination. Meanwhile, according to market sources, demand for import rebar in Egypt is also at low levels.