Turkish rebar prices found to be on high side in export markets

With the influence of the rising trend of import scrap prices in Turkey, Turkish rebar export quotations have increased by an average of $30/mt week on week to $450-495/mt FOB on actual weight basis. However, buyers in the international markets have mostly found Turkish rebar offers to be on the high side. Accordingly, demand for Turkish rebar in the export markets has remained at low levels.
 
Following the announcement of the preliminary decision in the antidumping (AD) case against Turkish rebar imports, US-based steel producers have raised their domestic rebar prices as expected, increasing them by $25-30/mt effective as of March 9. Market sources state that Turkish steel mills' rebar offers to the US this week stand at $525-530/mt CFR on theoretical weight basis, including the AD margin. Although US-based buyers' demand for Turkish rebar has revived slightly after spot rebar quotations in the US reached $717-750/mt ex-works, no new Turkish rebar sale has yet been heard in the country.
 
While demand for domestically produced rebar in the United Arab Emirates (UAE) has been at decent levels over the past week, market sources state that buyers prefer local suppliers due to their attractive prices. Market sources report that there is no demand for Turkish rebar in the UAE and so Turkish steel producers have not determined a pricing strategy for the country.
 
Following the AD investigation for Turkish rebar in Egypt initiated at the end of December, demand for Turkish rebar in the country had come to a halt. Since there has not been any revival of demand in Egypt, Turkish steel mills have not issued any new price strategy for Egypt either.
 
Buyers in the Far East - Chinese exporters' traditional target market - have mostly maintained a wait-and-see stance during the past week. On the other hand, it is heard that a Turkish steel producer has concluded a rebar sale to Singapore at $455/mt CFR on theoretical weight basis, though the deal has not been confirmed by the seller or the buyer. While demand in the Far East for Turkish rebar strictly depends on Chinese suppliers' pricing strategies, demand for Turkish billet and rebar in the region is expected to continue until Chinese suppliers offer more advantageous quotations.
 
Meanwhile, SteelOrbis has been informed that Turkish steelmakers' offers to markets such as Israel, Africa, Romania and Bulgaria, where they usually sell smaller tonnages, are currently at $450/mt FOB on actual weight basis. On the other hand, market sources report that firm bids of buyers in these regions for Turkish rebar stand at $430-440/mt FOB, while actual sales are concluded in the range of $440-445/mt FOB.