Dalian iron ore futures fell on Friday, but Singapore iron ore futures rallied as steel production weighed hopes of more substantial aid to the real estate sector against fears of a slowdown in steel production.
HMS 80/20 European scrap has remained stable at $346 since last week, while US scrap was last traded at $352.
Weak demand has stabilized the markets, while export offers for rebar have dropped $40-50 below the $560 domestic market price.
One of Turkey's leading steelmakers has lowered its list prices from $580 to $570 this week. However, it is ready to offer lower prices according to the demand. Iron and steel mills are holding back from giving prices for non-existent demand in order to prevent the rapid decline in prices. But it evaluates the floor price if it compares it to a real demand.
Rebar prices according to regions, evaluated by www.steelradar.com, are as follows;
Istanbul rebar prices 18.000 TL (0,0) / 565$ (0,0)
Izmir rebar prices 17.800 TL (0,0) / 559$ (0,0)
Karabuk rebar prices 18.000 TL (0,0) / 565$ (0,0)
Payas rebar prices 17.900 TL (0,0) / 565$ (0,0)
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