Hong Kong (Platts)--11Apr2011/633 am EDT/1033 GMT
Global demand for long steel products is expected to remain weak in the short term, a number of sources said on the the sidelines of the SteelOrbis/IREPAS 2011 conference in Hong Kong.
A downward price trend was expected to continue at least until June as everyone trading steel was buying hand-to-mouth, with no opportunities to do back-to-back positions.
The political unrest across the Middle East has had a large impact on Turkish rebar and billet demand as well as spot pricing because a large proportion of Turkish rebar exports go to the Middle East.
Scrap rebar and billet prices in the Middle East have fallen in recent weeks, pushing down export prices in Turkey. Turkish rebar can be purchased now as low as $650/mt FOB Turkey, a number of sources said at the conference. Rebar prices out of Turkey have dropped $22.50/mt in the last month, according to Platts data.
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