Rebar prices soften in Turkish domestic market

On the first day of the current week, traders' 12 mm rebar prices in the Turkish domestic market were standing at TRY 1,161-1,178/mt ($656-666/mt) + VAT ex-warehouse. However, with the appreciation of the Turkish lira against the US dollar, prices have softened by TRY 10/mt ($6/mt) today, declining to TRY 1,153-1,170/mt ($651-661/mt) ex-warehouse.
 
Since Turkey normally consumes a small portion of its total rebar production and exports most of it, the sluggishness in its rebar export markets has a negative impact on the domestic market, while price declines seen in raw materials and semi-finished steel are also negatively affecting the market.  The snowy and cold weather in Turkey has weakened local rebar demand, while the continuous appreciation of the Turkish lira against the US dollar is supporting the downward trend in domestic prices. Despite the fall seen in rebar prices, rebar demand is not foreseen to show an improvement in the short term, due to fluctuations in exchange rates and uncertain economic conditions.
 
$1 = TRY 1.77