Iron and steel markets wait the central bank's decision

On Monday, Turkish steelmakers opened their rebar sales prices at $575-600/ton ex-works. However, demand remained low. While the market awaits the Central Bank of the Republic of Turkey interest rate decision on Thursday, July 20, the depreciation of the Turkish lira is expected to accelerate. Scrap demand is expected to remain well below regular consumption in factories that have reduced capacity due to weak steel sales. For this reason, one group of market representatives shares that the decreases in scrap and rebar will continue, while another group hopes for a recovery in the markets as of August.

Rebar prices according to regions, evaluated by www.steelradar.com, are as follows;

Istanbul rebar prices 18.800 TL / $593

Izmir rebar prices 18.550 TL  / $583

Karabuk rebar prices 18.600 TL / $587

Payas rebar prices 18.600 TL / $587