Turkish rebar export prices dropped sharply

ANKARA (Scrap Monster): The export price of Turkish rebar dropped significantly on Friday. The export prices to the UAE were reported at lower-than expected levels. According to trade sources, major Turkish exporters were seen settling for exports of bulk quantities at cheaper rate.

A major Turkish mill reported exports of 30,000 mt of rebar for prices ranging between $350 and -$353/mt CFR UAE theoretical weight. The bookings were done by three to four separate buyers. This was followed by another order of 20,000 mt on Friday morning at $350 per mt theoretical weight. Meantime, trades from the US to the UAE too concluded at $353/mt CFR UAE theoretical weight, although offers were heard at $370 per mt.

Sources indicate rare possibilities for further bookings during this month in the wake of upcoming Eid festival in the UAE. Projected slowdown in the country’s economy may cut UAE’s rebar demand to almost half from the current levels. The FOB pricing has dropped by $20 per mt. Although offer prices were heard at $370 per mt, traders expect the FOB prices to settle around $350 per mt. The prices are likely to drop further following the Eid holidays, Turkish traders said.

The FOB prices of Turkish rebar fell by $12.50 per mt to $350 per mt FOB on Friday, when compared with the previous day.

Also, exporters are not seen in any hurry to process new orders at current price, as they expect prices to soften post-holidays. Almost of the Turkish market will be shut for Eid festival this week.