SteelOrbis is informed that Turkish mills are offering rebars for export to destinations other than the US and Persian Gulf markets at $1,000-1,040/mt FOB on actual weight basis for late June shipments.
All Turkish producers have increased their offers above the price levels of $1,000/mt FOB. Rising scrap costs and the expectation of a price increase in the local UAE market have pushed the Turkish producers' prices up. The Turkish producers have been offering rebars to the UAE at the price level of $1,070/mt CFR on a theoretical weight basis since last Thursday, April 17. These offers have started to find acceptance as of today, with deals being concluded at price levels of $1,070-1,090/mt CFR on a theoretical weight basis. It is expected that the producer in the UAE will increase its prices to AED 4,200/mt ($1,143/mt); if this happens, the Turkish producers will target the price level of $1,100/mt CFR on a theoretical weight basis.