REVIEW OF 2011: Arab Spring, higher scrap prices plagued Turkish rebar market
Dec 28, 2011 | 03:29 AM
In 2011, Turkish rebar producers depended on major consumers in the Middle East and North Africa (Mena) region for sales.
Exporters were keen to cash in on the boom in construction in Saudi Arabia, Egypt, Lebanon, Syria and the UAE stemming from several multi-billion-dollar projects to improve infrastructure and housing.
Turkish rebar sales to the Mena region plummeted in the first quarter of 2011 owing to the wave of protests that started in Tunisia and spread to Egypt, Saudi Arabia, Bahrain and Syria, disrupting trading activity for several weeks.
Egypt is one of the biggest importers of rebar from Turkey, but sales dried up in February and March as consumers withdrew from the market because of unrest caused by the demonstrations for the removal the then president, Hosni Mubarak.....
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