In response to the rapid depreciation of the Turkish lira, rebar offers both in TRY and USD terms declined. Rebar export offers remained flat at a minimum of $630 FOB Turkey during the week. With the decrease in demand, expectations suggest that this week will be weak.
On the other hand, markets accelerated on China's efforts to support investment efforts. China's Shagang Steel increased rebar prices by $100 and wire rod prices by $23 for mid-June sales. However, Chinese export offers remain at $555 FOB for rebar and billet.
Current spot rebar prices assessed by www.steelradar.com are as follows;
Istanbul rebar prices at 18,100 TL (-100) / $649 (-5)
Izmir rebar prices 17,900 TL (-200) / $642 (-8)
Karabuk rebar prices 17,800 TL (-100) / 638 $ (-5)
Payas rebar prices 17.900 TL (0,00) / 642$ (-1)
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