Despite the lack of improvement in international demand for Turkish rebar over the past week, Turkish rebar producers have increased their export offers by an average of $5/mt week on week to $490-505/mt FOB on actual weight basis supported by the ongoing high levels of scrap quotations. Market sources report that Turkish rebar mills have revised their prices upwards due to the sharp depreciation of the Turkish lira against the US dollar and despite the weakness of demand in the local market ahead of the local elections to be held on March 30. However, their new rebar export prices are not expected to be sustained against the weakness of international demand and also due to the lack of support from their domestic market.
While Turkish rebar producers cannot conclude sales to the US due to high import duties, it is heard that they are receiving slow demand from the European Union within the scope of new quotas, even concluding rebar sales of small tonnages to the region with future shipment dates. Meanwhile, they are also observed to selling small tonnages to Africa, South America, Pakistan and Israel. SteelOrbis has been informed that buyers’ firm bids for Turkish rebar from Europe and Israel are closer to $490/mt FOB, but African buyers’ firm bids are lower than this level.