Competition Authority drops complaints in the rebar investigation

As a result of the claims suggesting that iron and steel producers cause price increases via agreements and cutting back the supply, Competition Authority in Turkey decided to carry out a preliminary investigation on June 16, 2011. The preliminary investigation report is evaluated and concluded in the meeting held on July 14, 2011.
 
Within the framework of the preliminary investigation, Competition Authority examined whether the increase in long products prices is based on an agreement, however no evidences have been found supporting the claims in question.
 
Comparing Turkish domestic rebar prices to global rebar prices between October 2006 and May 2011, Competition Authority decided that the parallelism between the prices were caused by the integration of Turkey to the global markets, as an exporting country.
 
As a result of the investigation on cutting back the supply, Competition Authority concluded that there have been no outstanding and inexplicable production cutback as well as no remarkable increase in inventory levels. In the light of these investigations, the complaints regarding the long products market have been declined.