Domestic rebar prices in Turkey move in line with exchange rate

Following the decision of the Turkish Central Bank to raise interest rates towards the end of last week, the Turkish lira was observed to gain strength against the US dollar, but on the first work day of the current week it has once again depreciated against the dollar. Market sources state that the current movements of the Turkish lira-US dollar exchange rate are troubling buyers in the local Turkish rebar market and have caused a weakening of trading activity in the market. As compared to SteelOrbis’ report published on September 13, domestic rebar prices in Turkey’s Iskenderun region have remained stable, while prices in other regions have indicated a TRY 34-43/mt increase in the same period.

As of today, September 17, 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 6.30