Turkish rebar prices hit bottom as spring is slow to arrive

Rebar prices in the Turkish domestic market have been characterized by fluctuations during March. In the current month, traders' 12 mm rebar prices in the Turkish domestic market hit their lowest level yesterday, March 29, at TRY 1,178/mt ($662/mt) + VAT ex-warehouse, while the maximum rebar price during March was recorded at TRY 1,237/mt ($/mt) + VAT ex-warehouse. Following the continuous softening seen in local rebar prices in the past week, Turkish traders' 12 mm rebar prices had declined to TRY 1,178-1,203/mt ($662-676/mt) + VAT ex-warehouse as of yesterday. The price softening, partly due to the approach of the end of the month, has not caused any significant improvement in demand, though market activity has showed some slight liveliness yesterday afternoon. In particular, local rebar prices in Turkey's Iskenderun market started today with an increase.
 

 
While the still cold and rainy weather in Turkey has continued to negatively affect construction activity and the domestic rebar market, the better weather conditions expected in April may be reflected in upward movement in the rebar market. If Turkey's rebar exports increase and if the US dollar maintains its strength against the Turkish lira, the price increase which was incorrectly anticipated for March in the Turkish domestic market may be seen in April.
 
$1 = TRY 1.78