It is reported that due to present weak demand for Turkish rebars, most Turkish mills have stopped purchasing scrap temporarily. Although the scrap price has fallen on reduced demand, the current price is still not attracting the mills to resume their purchasing.
The latest transaction price was around USD 240 per tonnes and current offers are around the same level.
Turkish mills are trying to buy scrap price according to the expected rebar export price so their price idea is reported to be around USD 220 per tonnes.
Present prices for rebars from Turkey, offered for UAE are about USD 445 per tonnes CFR Dubai and for Egypt around USD 435 per tonnes CFR Egyptian port.
Egyptian, buyers are reluctant to buy at this price level, since many still keep relatively high stocks, from the last months high volumes of rebars imported. At least 2-3 weeks need to pass, to see those stocks come down to reasonable levels.
Many Egyptian importers believe prices might move slightly downwards, considering worldwide weak demand and ahead of the quieter Ramadan period.
(Sourced from YIEH)