It is observed that production costs of Turkish domestic rebar have significantly increased due to the ongoing uptrend of import scrap quotations. Although Turkish rebar producers’ export offers have moved sideways in the range of $510-515/mt FOB on actual weight basis over the past week, some mills have increased their domestic rebar offers to the upper end of this range whereas their previous offers were at the lower end. As a result, offers in the local Turkish rebar market have congregated at the upper end of the price range in question.
On the other hand, demand for Turkish rebar exports in the international markets is reported to be weak. Meanwhile, international buyers are giving firm bids at very low levels, exerting pressure on Turkish rebar export prices. Additionally, Turkish rebar mills are not receiving any demand from Canada since this destination has announced a very low quota for the first fifty days of its safeguard measures. Also, Turkish rebar producers are still at a disadvantage in terms of their prices to the US where steel imports from Turkey are still subject to a fifty percent tariff which impedes US demand for Turkish rebar.