According to market sources, Turkish exporters'
rebar offers to the overseas markets have decreased by $5-10/mt week on week to $490-495/mt FOB. In addition, demand for Turkish
rebar exports has weakened this week in line with expectations that
rebar export prices may soften further in line with the downward trend of global scrap prices, deals concluded at lower prices for imported billet in
Turkey, and ex-Chinese billet offers at $345/mt FOB.
Currently, Turkish producers'
rebar offers to the UAE, which is one of their most important
rebar export destinations, are at $495-500/mt CFR, on theoretical weight basis. As UAE-based buyers are aware of the downtrend in the Turkish
rebar market, they state that they want to conclude deals below these levels, thereby putting pressure on prices. However, Turkish
rebar producers are not willing to decrease their quotations for now. With Turkish producers and UAE-based buyers both holding their ground, no new ex-
Turkey rebar transaction has been heard in the UAE since the beginning of the week.
On the other hand, Yemeni market players have held back from the
rebar import market due to strong political tensions in the country lately. Meanwhile, a
rebar deal has been concluded from the Iskenderun region of
Turkey to Iraq, where demand is slack and inquiries are weak, at $490/mt ex-works.
Currently, Turkish steel producers'
rebar offers to the US are at $510-515/mt CFR, on theoretical weight basis. Even though no transaction has been heard since the beginning of this week, it is thought that these prices will very likely find buyers.