<span>Turkish exporters of longs have been forced to reduce their offers dramatically on cancellation of a number of deals with Egyptian buyers amid unfavorable political situation and almost zero demand from abroad. Thus, a decrease has been about $15-25/t over the past week. Those producers, who do not need quick sales, try hard to keep their prices up, noting they have been unchanged since early February. Some sellers have decided to withdraw from the market until next week, when the situation gets clear. However, the fact that Turkish longs producers have concluded a number of scrap contracts this week at the levels by $35/t lower than early in the month will probably be used by buyers to pull prices for longs further down. <br> In particular, this week many Turkish mills have offered rebar at $650-665/t FOB, against $675-690/t FOB in early February. Market participants report $10/t discounts are available as well when signing contracts. Noteworthy, the above price level has been supported mainly by US consumers, who have closed a number of deals at $660/t FOB actual weight ($690/t C&F theoretical weight). In mid-week buyers from Bulgaria have reportedly bought Turkish rebar at $640-650/t FOB ($655-665/t C&F), whereas their domestic prices are by $25-35/t higher. <br> At the same time, Middle Eastern consumers have shown no interest in the above levels, taking into account unfavorable situation in the region, high inventories and slacker demand from end-users. Iraqi traders reported they have even not been able to sell rebar, purchased back in early-mid-January. Lebanese traders might start buying only small lots, but with $20/t discounts. At the same time more optimistic Turkish suppliers have offered their material at $680-690/t FOB; however, deals will hardly be closed at this level as well. <br> Mesh-quality wire rod is priced in the export market at $670-685/t FOB, against $685-700/t FOB a week earlier. At the same time buyers are sure they may get $10/t reductions,although some suppliers try to sell at $690-700/t FOB. However, deals have been made mainly with US buyers at $675/t FOB ($730-735/t C&F). Offers of Turkish wire rod have come at $670/t FOB to Romania. However, no contracts have been reported so far. Middle Eastern buyers have showed little interest in the products as well, hoping for more cuts. <br> Turkish billet has been offered at $625-630/t FOB this week, down $15/t w-o-w. Market participants are sure the material may be purchased at lower prices. However, some producers say their quotations are no lower than $650/t FOB. With Middle Eastern buyers, main billet consumers, being inactive and insisting on further decreases, no deals have been reported. Nominal prices for CIS billet have been $635-645/t C&F, which is absolutely unacceptable for Turkish buyers. <br> (Source: <a href="http://www.metalexpert-group.com/"><font color="#000066" size="3" face="Times New Roman">www.metalexpert-group.com</font></a> )</span>