Demand weakens even further in local Turkish rebar market

Demand in the local Turkish rebar market, which was already slack in previous weeks, has weakened further in the past week since buyers have continued to postpone their bookings in anticipation of a decrease in prices amid the ongoing softening of scrap prices. Under these circumstances, Turkish traders’ rebar offers for their domesic market have decreased in the past week. While the economic and political uncertainties in Turkey - which had contributed significantly to the weakness of demand before the declines in scrap prices - are still making buyers cautious in terms of concluding new rebar deals, the need for construction materials in Turkey has also decreased since working conditions have become more difficult amid harsh weather conditions. Meanwhile, another reason for the weakness of demand is the slight strengthening of the Turkish lira against the US dollar. In these market conditions, domestic rebar prices in Turkey have moved down by TRY 42-76/mt compared to the price levels recorded on January 30.

 

As of today, February 2, 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 3.72