Turkish rebar producers’ export prices indicate gradual softening

Turkish rebar producers' offers to the export markets have decreased by $10/mt to $540-550/mt FOB over the past week. Market sources state that Middle Eastern rebar buyers have restarted their purchases though they continue to seek discounts.
 
UAE rebar importers have also restarted their transaction activities over the past week, while Turkish rebar producers have been forced to lower their prices by $10/mt due to competitive Chinese offers. Turkish producers have concluded deals for a total of approximately 40,000 mt of rebar to the UAE at $545/mt CFR over the past two weeks, on theoretical weight basis.
 
Meanwhile, political tensions in Yemen has continued to rise, while demand for Turkish rebar has been impacted negatively by the cheaper Chinese offers in the Middle East. Additionally, buyers in the region expect lower prices against the backdrop of declining import scrap prices. Market sources believe that ex-Turkey rebar prices are unlikely to strengthen in the coming days.