While Turkish rebar producers’ profit margins have narrowed significantly due to the ongoing high levels of import scrap prices, they are receiving very low demand from their export markets. Meanwhile, Turkish rebar mills have kept their export prices stable week on week at $510-515/mt on actual weight basis.
According to Turkish sources, Turkish President Recep Tayyip Erdogan will conduct a meeting with US President Donald Trump during his official visit to France on November 10-11. The topic of the Section 232 tariffs will be discussed at this meeting, sources report. As a result, the expectation of a revision of the US fifty percent duty on steel imports from Turkey to 25 percent has surfaced in the market. Market sources state that, if the revision in question is made, Turkey will gain a price advantage in the US steel market.
On the other hand, no demand for Turkish rebar has been received from Canada after the country’s decision to impose a quota on steel imports, and demand from this destination for Turkish rebar is not anticipated in the short term either. Additionally, amid weak demand from their export markets, Turkish rebar producers attended the Alacero conference held in Colombia on November 5-7 in large numbers, aiming to take a share in the regional market.