As the result of the declines recorded in import scrap prices in Turkey, Turkish steel mills’ production costs have decreased, leading them to reduce their rebar export prices by an average of $10/mt week on week to $540-550/mt FOB on actual weight basis.
It is heard that Turkish steel producers concluded rebar sales to Lebanon at the beginning of the current week at $570-575/mt CFR. But, with scrap prices in Turkey continuing to decline in the following days, this price range is no longer valid and market sources report that Turkish mills’ rebar sales to markets to which they usually conclude sales of small rebar tonnages have been at $540-545/mt FOB on actual weight basis as of the middle of the current week.
On the other hand, in the United Arab Emirates (UAE) and Egypt, there is still no demand for Turkish rebar. It is observed that domestic rebar supply in the UAE is sufficient to meet local buyers’ demand, while UAE-based buyers also prefer to work with local suppliers due to their more attractive rebar prices and shorter delivery times. Meanwhile, in Egypt, Turkish steelmakers’ rebar offers are higher than buyers’ targeted purchase prices due to the 10-19 percent temporary antidumping margin imposed on imports of Turkish rebar until the end of September.
Although the situation in the US rebar market has remained mostly stable over the past week, demand for Turkish rebar in the US has failed to improve given the antidumping margins imposed on imports of Turkish rebar as well as the cautious stance maintained by buyers due to the Section 232 probe. Market sources state that Turkish steel mills’ rebar offers to the US have declined by $10/mt on the upper end week on week and are currently at $570-590/mt CFR on theoretical weight basis, though Turkish steel producers are also maintaining their cautious stance as regards concluding new rebar sales to the US.
Additionally, SteelOrbis has been informed that following the 12,000 mt rebar sale concluded last week at $560/mt on actual weight basis, no new rebar sales from Turkey to Canada have been heard this week.