After the earthquake which occured in Turkey on February 6, the demand rose rapidly with the expectation that the construction works would increase. Following the rising demand, first rebar prices, then scrap and billet prices rose.
While it is predicted that the loss in the Turkish economy as a result of the impact of the Kahramanmaraş earthquakes may reach 10% of the GDP, the economic problems have not been overcome yet.
With the increase in the stock level in the iron and steel industry, the markets have gradually regressed since the beginning of March. Although Turkish steelmakers did not want to accompany this decline, they had to adapt to the market from time to time.
The decline in rebar prices also put pressure on imported scrap prices and billet prices. In the market where demand slowed down, imported scrap fell from $465 to $450, and imported billet from $650-660 to $620-630.
The billet price opened by Kardemir, one of the Turkish steel mills, as $665-670 today, has not yet received much demand.
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