Domestic rebar prices in Turkey increase further due to exchange rate

Demand in the local Turkish rebar market has remained at low levels and trading activity in the market has nearly come to a halt due to the depreciation of the Turkish lira to record levels against the US dollar since the beginning of the current week. Along with the apprehensions in the market caused by the Turkish lira-US dollar exchange rate, bad weather conditions have also contributed significantly to the weakness of demand, while construction activities in some regions have been forced to stop.
 
No revival in demand is expected in the short term in the local Turkish rebar market due to the ongoing political and economic uncertainties in Turkey. On the other hand, domestic rebar prices in Turkey have increased by TRY 50-70/mt compared to price levels recorded on January 9 following the weakening of the Turkish lira against the US dollar.
 
As of today, January 12, traders' rebar offers in the Turkish domestic market are as follows:

All prices are ex-warehouse and on actual weight basis and exclude VAT.
 
$1 = TRY 3.78