The Turkish export rebar market took a sharp downturn on Monday as UAE sales overrode offer sentiment.
Platts assessed the market at $338/mt FOB, down $7/mt from Friday.
A UAE trader said that 70,000 mt of material had been purchased, split between 45,000 mt headed into the UAE and 15,000 mt to Oman, with another 10,000 mt booking expected. The sales were made by two major exporters in the range of $346/mt-$352/mt CFR Dubai theoretical weight ($336-$342/mt FOB actual weight) for shipment December 20-25.
"Maybe another 10,000 mt will be booked," said the trader.
Offer estimations heard throughout the day pointed to a higher range. A European trader said he would put the market at $340/mt FOB, leaving him to expect Turkish mills to lean harder on scrap prices to make the sales more affordable.
A UK trader said he had seen a rise in the offer level last week, pushing mill prices to $345/mt on Monday. This level was supported by another UK trader, who said that the Turks were trying to keep the price up and stable despite uncertainty over what would happen this week.
Even higher prices were suggested by another European trader, who said he had offer levels in the range of $345-$350/mt -- though he was unsure anyone other than the US would pay prices in this range.
