Supply remains tight in local Turkish rebar market

It is observed that supply is still tight in the local Turkish rebar market. Although buyers had postponed their purchases due to the uncertainties in the local Turkish rebar market ahead of the April 16 referendum, rebar purchases have increased in the local Turkish market after the referendum with the support of better weather conditions. As a result, demand from local buyers - who had purchased rebar only in line with their needs as they postponed restocking during the first half of April - revived in the second part of the month and is still lively.
 
For most of the last three weeks, domestic rebar prices in Turkey had moved up due to the abovementioned reasons despite the sideways movement of import scrap quotations in Turkey. However, at the beginning of this week, some steel producers reduced their domestic rebar prices, thereby putting an end to the upward trend of prices. Since then, domestic rebar prices in Turkey remained unchanged until today, May 18, when most domestic rebar prices increased on Turkish lira basis amid the depreciation of the Turkish lira against the US dollar, except for prices in the Istanbul region which have remained stable compared to the price levels recorded on May 15. Meanwhile, prices on US dollar basis have moved down by $8-11/mt today due to the fluctuation of the exchange rate.
 
As of today, May 18, traders' rebar offers in the Turkish domestic market are as follows: