Turkish mills'
rebar export offers have indicated a decline of $5/mt since last week to $565-575/mt FOB. Over the past week, some
rebar deals, though for small volumes, have been concluded from
Turkey's Iskenderun region to northern
Iraq at levels of $575-580/mt ex-works. Meanwhile, buyers in
Yemen and
Egypt are seeking lower-priced
rebar offers from
Turkey and so they have remained reluctant to conclude fresh import bookings this week. In the coming days, the biggest increase in Turkish
rebar and
wire rod sales is expected to be seen in volumes going to the
US market, though inquiries for import material in the
US this week have remained on the low side.
Expectations for reduced Turkish
rebar export offer prices have arisen due to
China's active role in the Middle Eastern and the North African markets (MENA) with its attractive offers at $440/mt FOB and also due to declines of $10-15/mt in import
scrap prices in
Turkey over the past two weeks. Market sources claim that in the coming days Turkish producers'
rebar export offers may decline to $555-565/mt FOB, the same levels as seen in the first quarter of this year, and that transactions will likely be concluded at these levels.