Investment prospects in the rebar market remain sluggish. Although producers do not have difficulty in meeting the needs of the market due to production restrictions, they are forced to work with narrow margins. If exports are not supported, it seems difficult for the domestic market to survive.
Current scrap export offers were heard to have decreased from $590 to $570. Although Galloo's scrap selling price of $374 on Monday morning signaled some support to limit the downward pressure in the market, there is no clear upward movement in the market in general. The market is expected to remain within range this week.
In order for the market to gain upward momentum, export demand needs to increase and more solid prices need to be established in the domestic market. Under current conditions, it seems difficult for the domestic market to recover without exports.
Spot rebar prices by region, as evaluated by www.steelradar.com on May 28, 2024;
Istanbul rebar prices 23,200 TL (0.00)
Izmir rebar prices 22.750 TL (0,00)
Karabuk rebar prices 23.200 TL (0,00)
Payas rebar prices 23,800 (0.00)
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