Domestic rebar prices in Turkey resume their upward movement

Following the record levels recorded on February 13 at TRY 2,730/mt ex-warehouse including VAT, domestic rebar prices in Turkey had stopped moving up with prices remaining sideways during the rest of last week. Also, the local Turkish rebar market had made a downward start to the current week as domestic rebar quotations in Turkey’s Karabuk and Iskenderun region fell.

However, the depreciation of the Turkish lira against the US dollar on February 20 has caused domestic rebar prices in Turkey to resume their upward movement. Furthermore, the ongoing price increases recorded in import scrap deals in Turkey have supported the uptrend of the local Turkish rebar market. As a result, domestic rebar prices in Turkey, which had reached a record level on February 13, have set another record today, February 22, with rebar prices in Turkey’s Marmara region moving up to TRY 2,760/mt ex-warehouse, including VAT. 

Accordingly, domestic rebar prices in Turkey have increased by TRY 17-43/mt as compared to the price levels recorded in SteelOrbis’ report published on February 19. Meanwhile, domestic rebar demand in Turkey, which had softened at the beginning of the current week, has once again improved in subsequent days in line with the rises seen in prices and it is observed that availability problems have started to be experienced for some dimensions.

As of today, February 22, 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 3.80