Slight decrease in inquiries for domestic rebar in Turkey

In the last two weeks, rebar buyers in Turkey had stepped up their domestic market inquiries in line with their expectations of a further increase in domestic rebar prices amid the rises seen in import scrap prices and domestic rebar prices and due to the fluctuations recorded in the Turkish lira-US dollar exchange rate. Accordingly, demand improved slightly in this period, though still remaining at low levels.
 
However, in the first business day of the current week, seeking to gain a clearer picture of the future trend of the local Turkish rebar market, buyers have reduced their price inquiries slightly, resulting in a softening of demand. Additionally, with the Turkish lira losing strength against the US dollar once again, domestic rebar prices in Turkey's Iskenderun and Karabuk regions have increased by TRY 10/mt compared to October 13, though moving up by just $1-2/mt on US dollar basis due to currency fluctuations. Meanwhile, in other regions where domestic rebar prices have remained stable since October 13, prices in the local Turkish rebar market have declined by $1-2/mt on US dollar basis.
 
As of today, October 17, 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 3.10