Local Turkish rebar market maintains its upward trend

With the influence of the ongoing rises seen in import scrap prices in Turkey, domestic rebar prices in the country have increased by TRY 30-80/mt since August 10. Today, local steel producer Icdas raised its domestic rebar list prices by TRY 50-51/mt + VAT as compared to its previous price list issued on August 9. Market sources report that price increases in the local Turkish rebar market are exerting a negative impact on demand and with every upward revision of quotations demand weakens further. Additionally, Turkish traders’ rebar inventory levels are heard to be on the high side, while liquidity problems in the local Turkish rebar market have increased.

As of today, August 14, 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 3.53