Regarding the increases in rebar prices in Turkey, Turkish Steel Exporters' Association (CIB) chairman Namık Ekinci stated that domestic and export prices in the Turkish steel industry are being determined considering the prices of raw materials used as inputs in production, which are affected by developments in global markets, global export/import prices of steel products, and exchange rate changes. Accordingly, the increases in Turkish rebar prices should be evaluated keeping all of these factors in mind, he said.
According to Mr. Ekinci, around 66 percent of the raw materials like scrap, electrodes, ferroalloys and coal used in rebar production are imported from foreign countries, while prices of other input materials and energy supplied from local industries are shaped by factors such as inflation. As a result, it is not possible for Turkish steelmakers to move independently of the global raw material markets and exchange rates when setting their domestic selling prices, Ekinci stated.
The CIB chairman also commented that Turkish domestic rebar prices are lower compared to domestic prices in other rebar consuming and/or exporting countries.