Turkish rebar mills have reduced their export offers by an average of $15/mt over the past week to $475-490/mt FOB on actual weight basis. Meanwhile, some Turkish rebar producers are seeking to maintain their export offers at $490-495/mt FOB on actual weight basis but it is observed that Turkish steelmakers in general may accept to conclude rebar export sales at $475/mt FOB on actual weight basis and even below this level for orders for large tonnages.
SteelOrbis has been informed that a Turkish steel mill has concluded such a sale with large tonnages to Singapore at $478-480/mt FOB on actual weight basis.
International buyers expect Turkish rebar prices to fall further against the backdrop of the decreases recorded in scrap quotations as well as the weakness of demand.
No new Turkish rebar sale to the European Union (EU) region has been heard since the quota of the EU on rebar imports - initiated on April 1 - had been exhausted on Tuesday, April 9, and also due to buyers maintaining a cautious stance against the quotas to be released in July. On the other hand, no new rebar sale from Turkey to the US has been heard either.
SteelOrbis has been informed that rebar transactions from Turkey to Israel, Yemen and African countries have continued for small tonnages as usual at $483-485/mt FOB on actual weight basis.
Although confusion emerged in the global markets with scrap prices falling while iron ore prices move up, rebar buyers predicate rebar prices on scrap quotations, and so international buyers have halted their purchases for now as they expect rebar prices to fall in line with scrap quotations.