Activity in the Turkish steel market is still very weak and demand is stagnant. Stagnant sales and demand are preventing an increase in production, which in turn is slowing down scrap purchases by mills. Therefore, the scrap market is unlikely to increase in the near term.
Producer prices in the local market remain in the $590-610 range, while the export market remains weak.
“The market continues to be very quiet. If there is an interest rate decision tomorrow, I think things will slow down even more. There is a lot of money shortage,” a market official said, noting the uncertainty in the market. Another official said, “If there are no strong purchases on the export side, domestic demand remains weak against production capacity.”
Spot rebar prices according to the regions evaluated by www.steelradar.com on April 24, 2024 are as follows:
Istanbul rebar prices 23,500 TL (0.00)
Izmir rebar prices 23.100 TL (0,00)
Karabuk rebar prices 23.300 TL (0,00)
Payas rebar prices 23.900 TL (0,00)
The stagnation and uncertainties in the steel market, combined with economic factors such as interest rate decisions, continue to have a negative impact on market activity.
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