It is observed that Turkish rebar producers have been trying to keep their export prices stable in the current week, following the falling trend which had been recorded for some time. Turkish rebar mills have abstained from making further reductions to their export offers due to higher scrap quotations recorded in this week’s deals, and so their rebar export offers have remained stable week on week at $475-490/mt FOB on actual weight basis.
Following the recent rebar sales from Turkey to the Far East, SteelOrbis has been informed that Turkish mills are still receiving demand for rebar, wire rod and billet from this region. However, demand for Turkish rebar in other regions is still at low levels.
It is also reported that Far Eastern buyers are exerting pressure on Turkish rebar prices, even reducing their firm bids to $485-487/mt CFR on actual weight basis, which is lower than last week’s deal prices. On the other hand, Turkish steelmakers are reportedly flexible in their pricing for orders for large tonnages and are willing to conclude sales below $475/mt FOB on actual weight basis for such sales.
During the past week, no new Turkish rebar sale to the US and Europe has been heard. Meanwhile, the Australian government has announced the cancelation of the four percent temporary duty on rebar imports from Turkey today, April 19.