Demand revival in Turkish domestic rebar market brings price increase

In the last four weeks, the Turkish domestic rebar market, characterized by silence in terms of activity, witnessed a continuous downward price trend. As of yesterday, February 8, traders' rebar prices were standing at TRY 1,119-1,144/mt ($640-654/mt) + VAT, depending on the region.
 
However, as demand improved yesterday afternoon, the Turkish domestic market has revived and this revival has continued today. Turkish mills' intensive scrap bookings in the past week have brought clarity to scrap prices and a more positive mood to the rebar market. However, no improvement has been seen in Turkey's rebar exports so far.
 
Following these developments, the further appreciation of the Turkish lira against the US dollar, with the exchange rate declining to 1.75, has not affected the domestic rebar market and local prices have increased by about TRY 10/mt ($6/mt). Accordingly, Turkish traders' domestic rebar prices are now standing at TRY 1,127-1,144/mt ($644-654/mt) + VAT, depending on the region.
 
$1 = TRY 1.75