Turkish rebar export sales increase slightly as prices soften

Although demand for Turkish rebar in the export markets has remained slack during the past week, it has been observed that rebar export sales from Turkey have increased slightly this week. However, amid negotiations made during the sales, Turkish rebar export prices have softened week on week by $15/mt on the lower end and by $10/mt on the upper end to $370-400/mt FOB.
 
Market sources state that in the current week a Turkish cargo consisting of 25,000 mt of rebar has been sold to the United Arab Emirates (UAE) - Turkey's most important rebar export market- at $378/mt CFR on theoretical weight basis. Also, buyers in the UAE are still only concluding a limited number of rebar purchases since rebar inventories are still considered to be on the high side.
 
At the beginning of the current week, Turkish rebar offers to the US were heard to be at $420/mt CFR on theoretical weight basis. However, following the declines recorded in Turkish rebar export quotations, market players believe ex-Turkey rebar offers to the US will also move down.
 
Additionally, it has been heard that Turkish rebar exporters have concluded deals for small tonnages in Israel and Romania at $375-380/mt FOB.