Local Turkish rebar market mostly moves on downward trend

Local Turkish rebar market has started the week on a downward trend amid sluggish demand conditions.
 
Turkish steel producer Kardemir's rebar prices for its domestic market were at TRY 1,119/mt ($374/mt) + VAT ex-works on September 27, TRY 54,28/mt lower than its previous rebar prices announced on September 2. After selling approximately 44,000 mt of rebar, Kardemir revised its prices on September 29, increasing them by TRY 18.88/mt to TRY 1,135/mt ($380/mt) ex-works, excluding VAT.
 
The ongoing declines recorded in domestic rebar prices in Turkey's Karabuk region have come to an end after Kardemir's price revision announced on September 29 and prices even increased slightly in line with the Turkish steelmaker's rebar quotations. However, it has been observed that domestic rebar prices in the region have declined by TRY 20/mt compared to September 27. Also, market players in the local Turkish rebar market are still maintaining a cautious stance as the Turkish lira is following a fluctuating trend against the US dollar and due given reports recommending an extension of the ongoing state of emergency in the country. Under these circumstances, demand for rebar in the local Turkish market is still at very low levels. While buyers are only concluding purchases in line with their needs, domestic rebar prices in Turkey's Izmir and Marmara regions have also declined due to the weak demand conditions.
 
As of today, September 29, traders' rebar offers in the Turkish domestic market are as follows:
 

All prices are ex-warehouse and on actual weight basis and exclude VAT.
 
$1 = TRY 2.99