Demand in local Turkish rebar market returns to low levels

Although demand in the local Turkish rebar market recovered slightly on Friday, January 25, it has returned to its previous low levels on the first working day of the current week. Market sources state that import scrap deals concluded at higher price levels caused a stir in the local Turkish rebar market, but the latter is now quiet since new domestic rebar prices have failed to gain acceptance at the start of this week. Meanwhile, domestic rebar prices in Turkey have fallen by TRY 25-68/mt since SteelOrbis’ report published on January 24.

Additionally, Turkish steel producer Kardemir has closed its domestic rebar sales after selling about 34,500 mt in total. The mill had opened its rebar sales on January 23, at the level of TRY 2,416 TRY/mt ($452/mt) ex-works, excluding VAT.

As of today, January 28, 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 5.30

$1 = TRY 5.34 (January 23)