The slowdown in the global long product market weakened the demand for rebar and wire rod. Looking at the European market, the market was low activity due to the summer holiday season. Therefore, the price was kept flat.
In addition, the local private sector has suspended investments due to the uncertain global situation, including energy prices, interest rates and the future cost of EU carbon credits.
For the US market, supply was unchanged, but high interest rates slowed commercial and residential construction.
In addition, Turkish manufacturers had to compete with new exporters such as Algeria and Egypt, which are highly active in the Mediterranean region. In addition, Turkey's export market may have shrunk as the US and EU impose sanctions on Russia's semi-finished products and raw materials.
The International Rebar Producers and Exporters Association (IREPAS) forecasts that the market will remain uncertain and production will slow down in the next quarter, further reducing the demand for ferrous scrap.