Turkish Government Urges Domestic Steel Production For Post-Earthquake Reconstruction
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Following the devastating earthquakes that recently hit Turkey, the Turkish government has estimated a need for 4 million tons of TMT steel for post-earthquake reconstruction work. To meet this need, the government has urged steel mills to provide finished steel within a short period of 3-4 months. This has resulted in a surge in demand for rebar, which has significantly impacted the scrap market.
Scrap Prices Surge In Response To Increased Demand
If all the TMT steel is produced domestically, approximately around 4.5 million tons of scrap will be generated, accounting for almost 1/5 of Turkey’s total scrap import last year. Despite this, Turkey still relies on scrap imports, as domestic trading remains tepid, and the country continues to experience small-scale earthquakes. The surge in TMT demand has led to at least 18 deep-sea scrap transactions concluded recently, driving up scrap import prices to a new high of $453/ton, which is the highest price recorded in the past 10 months.
Impact on Construction Cost
While the Turkish government’s decision to prioritize domestic steel production for post-earthquake reconstruction work is commendable, the surge in scrap demand is likely to further drive up prices. This could have a significant impact on the overall construction cost of the post-earthquake reconstruction work. It is essential to monitor the situation closely and take appropriate steps to mitigate any potential negative impact on the construction industry.
Insight
The surge in TMT demand has led to a significant impact on the scrap market in Turkey. Turkish government’s post-earthquake reconstruction plan is commendable, but it is important to recognize that this decision has resulted in a surge in scrap demand and subsequent price increases.
Read more: Strong Global HRC Prices May Remain Range-Bound In Short Term
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