Having followed an upward trend until last week, Turkish rebar export prices have fallen in the current week. Meanwhile, demand for Turkish rebar in the international market has remained at very low levels. Turkish mills have reduced their rebar export offers to $490-505/mt FOB amid lower scrap quotations and also due to the weakness of demand.
While Turkish steel mills have been unable to conclude sales to their main export markets, the US and the European Union, due to the 50 percent import duty and import quotas, respectively, demand received from other markets and from their domestic market is also slack. It is observed that buyers in markets to which Turkish mills conclude regular sales of small tonnages, such as Africa, Israel and Latin America, have started to postpone their purchases in the light of lower scrap and billet quotations, thereby exerting further pressure on prices.
The sharp fall in import scrap quotations recorded after the latest transaction as well as the weakness of international demand are expected to push down Turkish mills’ rebar export prices in the coming days.