According to market sources, Turkish mills'
rebar export offers have indicated a decline of $10/mt since last week to $550-560/mt FOB. After the Feast of Sacrifice holiday (October 3-7), Middle Eastern
rebar buyers have not resumed their booking activity and so demand for Turkish
rebar in the region has failed to record any improvement. Meanwhile, some
rebar sales have been concluded in the past week from Turkey's Iskenderun region to northern
Iraq at $575/mt ex-works, though for small volumes. It is heard that low-priced Chinese
rebar offers are plentiful in the Egyptian and
UAE markets this week, causing buyers in the region to delay before concluding new transactions. Chinese
rebar export offers currently stand at $425/mt FOB.
Buyers in the Middle East and North Africa are asking for discounts from Turkish producers due to the presence of low-priced Chinese offers. Besides the pressure from Chinese offers, import scrap prices in Turkey have edged down by $10/mt in the past week, encouraging buyers to wait for lower prices from Turkish exporters. Thus, Turkish mills have gradually been revising their offers downward. It is very likely that the export offers of Turkish producers, who may cut their production volumes in the coming period, will vary depending on the demand situation and on the export destinations.