Turkey’s deputy minister of trade, Volkan Ağar, met with Turkish steelmakers on March 2 to discuss the steel product needs which will emerge during the reconstruction of the cities hit by the devastating earthquakes which hit southeastern Turkey in early February. Sources say that the anticipated requirement of 5 million mt of steel products for 350,000 houses to be built in the region could easily be met with domestic supply.
Out of the total 5 million mt needed, 3.5 million mt will be for rebar, 750,000 mt will be for wire rod and 1.25 million mt will be for flat steel.
Addressing the rises in raw material and finished steel prices after the earthquakes, the parties reached an understanding that there will be no price increase for rebar other than the changes caused by raw material prices, SteelOrbis understands. Besides, the parties also agreed to set up a price control mechanism to prevent any speculative moves that could be seen in the market.