Both Turkish and Chinese steel mills had raised their offers against a bullish backdrop after the Lunar New Year holidays.
A major east China steel mill was the only supplier for Chinese rebar, offering at $660 per tonne cfr Singapore on a theoretical weight basis.
"This supplier is not willing to give lower prices because of the sharp rebound in domestic prices, as well as the unclear situation over whether steel export rebates will be cancelled," a Singaporean rebar buyer told Fastmarkets on February 19.
Turkish steel mills had also started to withdraw offers due to climbing scrap prices.
"Turkish steel mills have recently been purchasing raw material ferrous scrap at higher prices, and are waiting for a clear raw material price trend before offering again," a rebar trader...