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What did the Turkey local rebar experience in November?

What happened in the construction rebar last month. Average in Turkey domestic market…

What did the Turkey local rebar experience in November?

According to the data results for long products in global markets last month, average rebar offers in Turkey were $635/ton ex-warehouse, down $60/ton from October. 

Throughout the month, prices gradually made downward corrections on the backdrop of negative demand. At the end of all this, in the last week of November, sales in export markets contributed to growth and stopped the downward momentum. Due to rising costs and low demand, manufacturers had to reduce their capacity utilization. The unbalanced exchange rate balance experienced in TL was reflected in the market as low. The monthly average value of TL against the US dollar remained at the level of 18.61 TL, practically unchanged compared to the same value in October.

On the export side, rebar prices were $636/ton FOB, down $56/ton from the previous month. The low demand during the month also negatively affected the offers. At the end of November, agreements between producers and buyers from Latin America (Chile) and Yemen contributed to the change in the price trend. 

According to market reports, in the last week of November, export offers for long products in Turkey were at $660/ton FOB.

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