Turkish rebar mills test export markets with new price levels

Friday, 14 March 2014 15:57:58 (GMT+3)   |   Istanbul
       

 

According to market sources, Turkey's rebar export offers have indicated an increase of $10-20/mt since last week and are now standing in the range of $565-575/mt FOB, on actual weight basis. Turkish rebar mills have revised their export offers upward after the conclusion of many rebar deals to the Middle East and North Africa in the range of $555-560/mt FOB over the past week. In addition, the uptrend of import scrap prices has also provided support for Turkish rebar export prices.

The new price levels will be tested on the export side in the coming week, while some ex-Turkey deals in Yemen for about 30,000 mt of rebar in total have already been concluded at $585/mt CFR ($565/mt FOB) thanks to strong demand in the country, while this transaction level indicates an increase of $10/mt since last week.

Buyers in some markets, such as in Iraq, Egypt and the UAE, have been evaluating the new offer levels, after booking Turkish rebar in previous weeks at $555-560/mt FOB, and they are not in a hurry to conclude new deals. In the meantime, Chinese rebar export offers for African markets have declined by $10-20/mt this week to $480-490/mt FOB, making competition difficult for Turkish mills in the region.

Weekly price movements of different steel products in major markets can be viewed comparatively in the SteelOrbis Historical Steel Prices section. Market trends can thus be seen more clearly, while desired charts can be created and used in reports or presentations.   


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