There is some sign of buying interest seen in Turkish re-bar market as buyers start re-stocking before Ramdan (one month festival which starts in July). It is also reported that Turkish mills have started buying scrap at current levels of $380/t CFR from US.
“We anticipate prices should stabilize or go up before Ramdan, also during this time middle east market remains high.” said a local trader based in Istambul, Turkey. Currently reinforcing bars are trading around $615-620/t (Ex-Works), he further reported.
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