Lira-dollar exchange rate shapes trading activity in local Turkish rebar market

Having considered domestic rebar prices to be on the high side last week, buyers in the local Turkish rebar market had been in no rush to conclude new purchases in the same period. However, with the Turkish lira sharply depreciating against the US dollar since last week, buyers have accelerated their domestic rebar purchases slightly. It is observed that this revival in domestic trading activity has not caused demand to increase to strong levels, while the  increases in prices were mainly caused by the changes in the Turkish lira-US dollar exchange rate. Domestic rebar prices in Turkey have started the current week with a TRY 8-26/mt rise as compared to March 15, though due to the fluctuations seen in the Turkish lira-US dollar exchange rate they have declined by $1-6/mt in the same period.  

As of today, March 19, 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 3.95