Salim Metin: Price parallelism between scrap and rebar to continue until February

During the panel discussion at the SteelOrbis Market Talks Meeting held in Antakya on October 5, Turkey-based steel producer Nurmet's chairman Salim Metin stated that an anticipated further decline of $20-30/mt in US domestic scrap prices is expected to be reflected in rebar prices as well.
 
Mr. Metin said that the weakening prices are caused by lack of demand and lack of confidence in the market, also underlining that the halt of cash purchases by Iran due to devaluation of its currency has also contributed to price decreases. Metin added that the price parallelism between scrap and rebar is expected to continue until February.