Turkish export rebar price in sustained increase

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Argus’ daily fob Turkey steel rebar assessment has increased in succession on nine out of the past 10 days, a more frequent rise than in any other 10-day period this year, indicative of the strongest period of rebar demand globally in 2020.

The strength of the Chinese domestic rebar market, particularly since late October, has been the driving force in pushing up overseas demand in early November as strengthening US/European domestic markets also offer support. Local production issues in regions such as South America and improving demand in regions such as the Middle East towards the end of the year have also prompted the stronger demand for Turkish material. Southeast Asian importers have this month paid Turkish mills the highest prices they have paid all year.

Argus’ steel rebar fob Zhangjiagang assessment made its steepest daily rise of this year between 6 and 9 November of $8/t, with the exception of a $9/t daily rise on 3 August.

Argus’ steel rebar fob Turkey assessment has risen from $446/t fob on 29 October to $463.80/t fob today, an increase of $17.80/t.

The assessment is now $8.80/t above the previous 2020 peak of $455/t fob from 11-17 September, a level at which fewer volumes were heard sold at that time compared with this November period.

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