Price cuts in Turkish rebar market fail to trigger demand

In the Turkish domestic market, sluggish demand has caused a decline in rebar prices. Accordingly in the Turkish domestic market, traders' 12 mm rebar prices are standing at TRY 1,186-1,212/mt ($666-681/mt) + VAT ex-warehouse, depending on the region.
 
Market players have informed SteelOrbis that Turkish traders' stock levels have remained high even though weather conditions have improved, and that traders have decreased their rebar offers to TRY 1,186/mt ($666/mt) + VAT in order to reduce their high stocks as soon as possible. However, market insiders state that demand levels have not shown any improvement and that transaction volumes are still low even though prices have been cut.    
 
$1 = TRY 1.78