Local Turkish rebar market increases further despite weak demand

Demand in the local Turkish rebar market has failed to improve since October 13 and is still at low levels. Despite the ongoing weak demand conditions, domestic rebar prices in Turkey have moved up since the beginning of the current week due to the rises seen in import scrap and billet quotations for the third consecutive week.
 
Additionally, on October 19 Turkish producer Icdas' announced its 12-32 mm rebar prices in Turkey's Marmara region at TRY 1,220/mt ($395/mt) + VAT ex-works and in Biga, Canakkale in northwestern Turkey at TRY 1,203/mt ($389/mt) + VAT ex-works. The mill's list prices have moved up by TRY 25/mt + VAT as compared to its previous price list issued on October 13, while due to currency fluctuations prices have increased by $8/mt on US dollar basis.
 
As of today, October 20, 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 3.06