Local Turkish rebar market starts the week with upward movement

Trading activity in the local Turkish rebar market, which had almost ground to a halt, has started to accelerate slightly since last Friday, December 16, with support from import scrap bookings concluded on December 15-16. However, the ongoing economic and political uncertainties in Turkey and the current cold winter weather conditions are still negatively impacting the market. With the slight recovery of demand and due to the increases in scrap prices, Turkish steel mills Icdas  and Bastug  have revised their domestic prices upwards, thus causing local traders to increase their domestic offers as compared to prices on December 15. Also, Turkish steel producer Kardemir , which had opened its rebar sales on November 21, at the level of TRY 1,490/mt ($426/mt) ex-works, excluding VAT, has closed its domestic rebar sales today, December 19, after selling about 36,750 mt of rebar in total.

 

As of today, December 19, 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 3.50