In the Turkish domestic market, rebar prices which last week exceeded the psychological barrier of TRY 1,185/mt ($677/mt) + VAT have maintained their upward momentum this week.
As of February 29, traders' 12 mm rebar prices in the domestic market are standing at TRY 1,216-1,237 ($695-708/mt) + VAT, depending on the region. Meanwhile, rebar sales announced by local producers Icdas and Kardemir on the same date have sparked some increase in activity in the market.
Rebar demand in the Turkish domestic market has maintained its firmness since last week. The general sentiment in the market suggests that local rebar prices could have exceeded TRY 1,270/mt ($726/mt) + VAT if adverse weather conditions had not affected the market negatively. Rebar prices in the domestic market may reach the level in question when suspended construction projects are resumed in March in line with the anticipated improvement in the weather.
$1 = TRY 1.75