Turkish producers have decreased their rebar export offers by $5/mt over the past week to $465-475/mt FOB. However, in the light of the deals shared below, international buyers consider the range of $460-465/mt FOB to be acceptable for Turkish rebar.
Turkey’s rebar export sales to its two main target markets have weakened, with the EU quotas limiting Turkish sales to this region and also with negotiations failing to result in sales to the US due amid political and economic uncertainties. Although Turkish rebar sales of small volumes have been heard to the Middle East and North Africa, Turkish mills are observed to prefer the Southeast Asian markets since this region accepts larger tonnages for now.
SteelOrbis has been informed that Turkish mills concluded rebar sales to Singapore and Hong Kong last week. In this period, along with the deal concluded to Singapore, a sale from Turkey to Hong Kong was concluded for 40,000-50,000 mt of rebar at $460-465/mt FOB, for August shipment, market sources report. Meanwhile, considering the transaction from the Gulf region to Hong Kong this week, it is understood that rebar demand in Southeast Asia has accelerated.
In the current week, a sale from Turkey to Romania has been heard for 5,000 mt of rebar at $460-465/mt FOB. Market sources state that Romanian buyers are unwilling to purchase large volumes of Turkish rebar since the EU’s new quota initiated at the beginning of July is being used up rapidly.
On the other hand, in Yemen, which has become one of the markets Turkey regularly sells rebar, a buyer concluded a booking for 30,000-35,000 mt of Turkish rebar at $475/mt FOB last week, while another deal has been concluded in the current week at $465/mt FOB, though the tonnage in this sale is unknown.