The high level of interest rates in Türkiye and the fact that exports are not increasing at the expected level are causing inactivity in the market. Interest rates have reached 62 percent in some banks, and additional costs such as the need for a loan guarantee are also putting a strain on customers. Traders are trying to utilize their cash by leaving it to maturity. In this situation, profit expectations in the market decreased and cash started to be withdrawn.
Scrap prices, which could not recover due to lack of domestic demand and changes in the exchange rate, fell this week after last week's rise. With scrap prices falling from $382 to $377, it is stated that business in the market is weak and there is no foresight for an upward turn. While the decline is expected to continue, it is expected to be a gradual decline, not a sudden drop.
Compared to previous years, the market is not looking good, says a market source. However, there was some movement at the end of April with the effect of the Düsseldorf fair. This activity is expected to continue until the third week of June, after which demand is expected to slow down for a month and a half. However, positive sentiments for this year are not widespread, and a recovery is expected in the second or third quarter of 2025.
Spot rebar prices by region, as assessed by www.steelradar.com on May 13, 2024;
Istanbul rebar prices 23,200 TL (-100)
Izmir iron prices 22.700 TL (0,00)
Karabuk iron prices 23.200 TL (0,00)
Payas iron prices 23,700 (0.00)
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