Markets sources confirm that Turkey's rebar export quotations have trended sideways since last week, with offers remaining in the range of $560-570/mt FOB on actual weight basis. This week's rebar demand in foreign markets is on the poor side, while buyers have been adopting a wait-and-see stance and postponing their purchases until the post-Ramadan period. Meanwhile, Turkish steelmakers claim that import scrap prices have recorded significant increases and so they are not willing to cut their rebar offers.
On the other hand, the ongoing conflicts and rising tensions in the Middle Eastern region, which is one of the most important export destinations for Turkish rebar exporters, have ensured that uncertainty continues to surround export activities. In addition, Chinese exporters' aggressive rebar offers to the Middle East and North Africa have weakened Turkish mills' negotiating power in these regions, though increased demand for import rebar is expected in the UAE, Egypt and Israel after the Ramadan holiday. Thus, current Turkish rebar export offers are anticipated to gain acceptance in the foreign markets and Turkish mills may revise their prices upwards in the coming period.