Scrap prices have been on the increase amid the ongoing sluggishness in iron and steel markets. According to the latest data, scrap prices ex Europe have increased by $4.5/mt to over $385/mt CFR. This increase, combined with the downtrend in iron ore and weak demand, is having an impact on rebar prices.
In particular, limited export opportunities are having a negative impact on rebar demand. The last traded figures in the export market were realized at USD 580/mt. The lack of economic recovery in global markets and the lack of an increase in demand prevent a positive sentiment in the markets.
Moreover, it is expected that the exchange rate will continue to increase due to the elections and this will be reflected on TL-based prices. However, no significant change is expected in dollar-based prices.
Spot rebar prices by region, as assessed by www.steelradar.com on March 27th, 2024;
Istanbul rebar prices 23.800 TL (0.00) (738$)
Izmir rebar prices 23.100 TL (0,00) (717$)
Karabuk rebar prices 23.400 TL (0,00) (726$)
Payas rebar prices 23.900 (0.00) (742$)
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