After the Turkish local elections, the dollar/TL exchange rate continues to decline. Starting at 32.43 levels on Monday, April 1st, the dollar/TL exchange rate fell below 32 TL during the day and closed the day around 32.24 TL.
While a general stagnation is observed in the market, no activity is expected before the Eid. In the scrap market, pre-Eid purchases have been completed, but producers continue to collect scrap from the local market. Last week, 80:20 import scrap prices rose to USD 385-389, while shipbreaking scrap prices found a balance today with an average increase of USD 7 to USD 385.
Demand has reached a standstill as the dollar exchange rate continues to fall. While factories are struggling to cover their costs with the margins obtained, buyers are waiting for prices to fall.
Demand remains stagnant in global markets as well, while offers in the rebar export market have risen to USD 600 FOB. However, buyers are unwilling to go above USD 585-590. The overall outlook in the sector remains negative.
April 2nd, 2024 spot rebar prices by region as assessed by www.steelradar.com;
Istanbul rebar prices 23,700 TL (-100) / 739,82 USD (-3.12)
Izmir rebar prices 23.300 TL (-100) / 727,34 USD (-3.12)
Karabuk rebar prices 23,400 TL (-100) / 730,24 USD (-3.12)
Payas rebar prices 24.100 (-50) / 752,08 USD (-1.56)
Producer reference prices are as follows;
1st Producer 23.100 ₺ / 720,88 USD
2nd Producer 23.220 ₺ / 724,62 USD
3rd Producer 24.000 ₺ / 748,96 USD
4th Producer 23.800 ₺ / 742,72 USD
5th Producer 24.100 ₺ / 752,08 USD
1 USD = 32,04 TL
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