Buyers in local Turkish rebar market maintain a cautious stance

Having fluctuated for a while now, the Turkish lira-US dollar exchange rate continues to move up and down with the Turkish lira losing strength against the US dollar. As the movement of the exchange rate has been exerting a strong influence on the local Turkish rebar market, buyers are compelled to maintain a cautious stance as regards concluding new deals. As a result, after improving slightly in the middle of last week, trading activity in the local Turkish rebar market is once again at low levels at the beginning of the current week. Additionally, Turkish steel mill Icdas has revised its domestic rebar prices to TRY 2,051/mt ($531/mt) + VAT ex-works today (Nov. 6), increasing its prices by TRY 40/mt as compared to its previous price list issued on October 26, while due to currency fluctuations prices have declined by $3/mt on US dollar basis. Meanwhile, domestic rebar prices of Turkish traders have increased by TRY 10-20/mt since November 2, except for the quotations of traders in Turkey’s Izmir region where prices have remained unchanged in the same period.

As of today, November 6, 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 3.86