Daily Steel News - 2 Mar 09

Turkey cuts rebar export prices
In order to consume the surplus output which will be finished in March and struggle for more orders, Turkish exported price of rebar was quoted at US$420~440/ton FOB, down by US$40 from the previous US$450~460/ton.Due to the slack demand from the construction industry, Turkish rebar market is suffering a recession.Currently, only a few orders are booked from Egypt, Saudi Arabia, Iran, Lebanon, Iraq and Romania. Some Turkish rebar maker said that now Turkish mills are in hot water because of the declining price and the threat of deficit.


Turkey offers lower rebar prices to Singapore
Global rebar market situation is getting worse now.Turkey has been giving more prices cut on rebar to Asia market to solve their oversupply problem, especially for Singapore which is one of the important rebar markets. Turkey currently only offers C&F US$450/ton to Singapore. It’s said that the cheaper purchasing price of scarp causes Turkish very competitive offer.


Japanese H2 scrap average prices down
During the fourth week of February, Japanese HMS2 scrap average price has dropped by ￥111/ton to ￥18,955/ton in the Kanto region, middle part, and Kansai region.Among them, H2 scrap price was remained at ￥20,917/ton in the Kanto region; H2 scrap price at ￥17,380/ton in the middle part; ￥18,567/ton in the Kansai region, down by ￥333/ton compared to last week.