Turkish domestic prices for rebar and wire rod continued to slide in the week ended Thursday October 18. But this time the drop was spurred not only by modest demand but also by the strengthening of the local currency against the US dollar.
The country's domestic long steel prices are strongly connected to the lira-dollar exchange rate and move in line with that, because mills buy their raw materials in dollar-denominated deals and sell finished goods for lira, Fastmarkets was told.The lira started to regain value at the end of last week, after Turkey released US pastor Andrew Brunson, who had been detained because of...