LONDON Rebar export offers from Turkey have fallen in the past week as a religious holiday in the country and reduced activity in Europe impacted demand for the product, market sources told AMM sister publication Steel First.
"We were on holiday; its normal," one trader said of the decrease.
Turkish rebar is now on offer at $620 to $630 per tonne f.o.b. for September rolling, down from $625 to $650 two weeks earlier, sources said.
Significant trading activity is expected to restart in the coming week, when most traders and producers will have returned from celebrations to mark the end of the holy month of Ramadan, sources said.
Prices will probably remain stable at first as mills monitor the market to get a feeling for sentiment.
Producers from further afield are starting to move into Turkeys more traditional export markets of the Mediterranean and the Persian Gulf, however, which will mean more downward pressure on long product prices, traders warned.
"The Chinese are trying to find new markets for their rolled products," especially as the countrys own economy is cooling off, a second trader said.