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| Turkish merchant bar market follows uptrend of long product prices - 22 Mar, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
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The uptrend of local Turkish merchant bar market prices in parallel with the rising trend of long product prices has been attracting attention during the past week. In particular, the strong upward momentum of raw material and billet prices has been reflected in the increasing merchant bar prices. It is still early to say that the increase in merchant bar prices is supported by domestic demand. In March, although there is a general expectation in the domestic market that the local construction sector will pick up speed, construction projects is slow for the moment. Given the rapid increases in domestic and export offers, some of the international merchant bar buyers are maintaining a wait and see stance for the moment; meanwhile, other international buyers who need to conclude purchases in order to replenish their inventories are counter offering at very low levels to export offers. In the export markets, North Africa retains its importance. The high levels of export offers to Europe and the sluggish demand in this region as compared to the Middle East has caused Turkish rollers to focus their attention on markets in the Middle East and North Africa. Morocco, Lebanon and Israel are markets named frequently in terms of merchant bar exports. According to the Istanbul Mineral and Metals Exporters Association’s February figures, the top 10 export markets as regards tonnages are as follows:
In tonnes When the February 2010 figures are compared to those for the same month of 2009, countries like Saudi Arabia and the UAE in particular are noteworthy for the increased tonnages they have registered. Although the general increases in tonnages are not very strong, they may be seen as a good sign of the strengthening of international demand as compared to 2009. However, most market players share the view that it will take a long time for demand to fully recover. (Sourced from Steel Orbis) | ||||||||||||||||||||||||||||||||||||||||||||||
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