SteelOrbis has learned from market soures that Turkish rebar export prices have increased by $10/mt since last week, reaching $585-600/mt FOB on actual weight basis. It is observed that the sudden uptick in raw material prices has led Turkish mills to revise their rebar export offers upwards, though no transaction has been reported so far.
Market players state that demand from the Middle East and North Africa (MENA) region has started to pick up slowly after the Feast of Sacrifice holiday. Meanwhile, it is expected that Turkish producers will test the market by bringing their lower-end prices to $590/mt FOB on actual weight basis in the coming days and that they will stand firm behind their prices.
The better prospects of demand and buying activities in the local Turkish rebar market as compared to the export markets is providing some relief for producers, while the uptrend in scrap prices is expected to support Turkish producers in keeping their export prices in the abovementioned range.
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