Due to lower import scrap quotations in Turkey and weak international rebar demand, Turkish mills have reduced their rebar export offers by $10/mt as compared to the levels recorded two weeks ago to $470-480/mt FOB on actual weight basis. Additionally, European buyers’ firm bids for Turkish rebar are observed to be in the range of $460-465/mt FOB on actual weight basis.
With the ongoing lack of a large-volume Turkish rebar sale to the US, international buyers have started to expect a further fall in Turkish rebar export offers. US buyers have been postponing potential purchases of Turkish rebar as no one knows whether the change in the US tariff on imports of Turkish steel will be changed before cargoes arrive at US ports - in the event of a deal being concluded.
On the other hand, demand received from Turkey’s other important markets such as Hong Kong and Singapore is at low levels. Meanwhile, SteelOrbis has been informed that Turkish rebar producers are receiving price inquiries from the countries in the Persian Gulf as well as from North Africa, Europe and South America.