Exchange rate continues to push up prices in local Turkish rebar market

Having started the current week with a sharp increase due to the depreciation of the Turkish lira against the US dollar, domestic rebar prices in Turkey have continued their uptrend at a slower pace since the beginning of the current week. Today, June 21, domestic rebar prices have moved sideways as compared to yesterday, though they have increased by TRY 17-42/mt + VAT since June 18.

Additionally, Turkish steel producer Kardemir has opened its domestic rebar sales as per its new price list dated today, June 21. Accordingly, Kardemir Turkish mill Kardemir raised its domestic rebar list prices to TRY 2,645 TRY/mt ($556/mt) ex-works, raising them by TRY 132/mt + VAT as compared to the price in its previous sale opened on May 31 and closed on June 4.

Market sources state that demand in the local Turkish rebar market is currently at very low levels as buyers have maintained a wait-and-see stance ahead of the approaching snap elections in Turkey to be held on Sunday, June 24. 

As of today, June 21, traders’ rebar offers in the Turkish domestic market are as follows:

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