Turkish rebar market awaits details of planned import duty reduction

Thursday, 08 June 2017 17:07:31 (GMT+3)   |   Istanbul
       

Buyers in the local Turkish rebar market are still concluding purchases only in line with their needs, while they also prefer just to observe the market due to uncertainty regarding the margin of the planned reduction in rebar import duty. Turkish economy minister Nihat Zeybekci has stated that the reduction of import duties on rebar will be by more than half from the current level of 30 percent, adding that the decision will be announced officially soon. Demand in the local Turkish rebar market is not expected to revive until the margin of the reduction is announced. Meanwhile, domestic rebar prices in Turkey have continued their declining trend and are currently TRY 30-70/mt lower than the price levels recorded on June 5.
 
As of today, June 8, traders' rebar offers in the Turkish domestic market are as follows:

 

Region

Dimension

Price (TRY/mt)

Price ($/mt)

Price changes (TRY/mt)

Price changes ($/mt)

05.06.2017

05.06.2017

Marmara

8 mm

1,703

481

43

11

Marmara

12 mm

1,686

476

43

11

Iskenderun

8 mm

1,661

469

25

6

Iskenderun

10 mm

1,653

467

25

6

Iskenderun

12 mm

1,644

464

25

6

Izmir

8 mm

1,678

474

34

8

Izmir

10 mm

1,669

472

34

8

Izmir

12 mm

1,661

469

34

8

Karabuk

8 mm

1,669

472

60

15

Karabuk

12 mm

1,653

467

59

15


 
All prices are ex-warehouse and on actual weight basis and exclude VAT.

$1 = TRY 3.55


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