US-based credit rating agency Fitch said yesterday that Turkey's unconventional growth-supportive policies have exacerbated balance of payments pressures and that the political and economic uncertainty in Turkey due to the runoff elections will continue at least until the end of the month.
Iron and steel markets are also struggling to operate amid the same uncertainty. Last week, Turkish steel mills made heavy imported scrap connections at $375, which is expected to continue at the same price level, while local scrap prices have been increasing due to the exchange rate.
Icdas listed rebar prices at $685, Istanbul mills at $680-685, Izmir iron and steel mills at $680, while some of the iron and steel mills in the Iskenderun region were as low as $660.
Turkey spot rebar prices;
Rebar ton prices by region fell by $7-15 in Istanbul, Karabük and Payas, while Izmir prices remained stable.
Spot rebar prices evaluated by www.steelradar.com are as follows;
Istanbul rebar prices 15,650 TL (-150) / 792,02 USD (-7,59)
Izmir rebar prices 15.650 TL (0,00) / 792,02 USD (0,00)
Karabuk rebar prices 15,600 TL (-200) / 789,51 USD (-10,12)
Payas rebar prices were announced as 15,400 TL (-300). / 779,39 USD (-15,18)
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