Coming close on the heels of chipping of scrap market about a week ago on subdued Turkish buying off late some activity is noticeable.
Reportedly Turkish mills have become perceptibly confident hiking rebar offers by USD 10 per tonne to USD 15 per tonne, at least during the week. (www.steelprices-middleeast.com)
As winter catches up drop in scrap collection in US and Europe and improved demand in Turkish market for longs has led to up tick in price. Reportedly deals of scrap have been concluded around USD 400 per tonne to USD 405 per tonne for HMS 1&2 (80:20) recently.
Turkish rebar manufacturers have hiked the ante by offering rebar at USD 595 per tonne to USD 605 per tonne FOB, which is higher by USD 15 per tonne up from the previous week.
To some extant this confidence is also supported by sizeable bookings in Iraq at these levels. Offers of rebar with January shipment have started coming to the UAE at these levels however the traders remain stay put presently trying to gauge the market . Nevertheless, contracts will probably be signed with them next week, taking into account the upward sentiments of Turkish sellers.
Source - Strategic Research Institute