Local Turkish rebar market makes upward start to week due to impact of exchange rate

Domestic rebar prices in Turkey have increased by an average of TRY 59/mt as compared to SteelOrbis’ report on March 22, due to the depreciation of the Turkish lira against the US dollar. Today, March 25, domestic rebar prices of Turkish traders are in the range of TRY 2,797-2,873/mt ex-warehouse.

On Friday, March 22, domestic rebar prices in Turkey increased due to the sharp depreciation of the Turkish lira against the US dollar. Additionally, some buyers started to anticipation a further depreciation in the Turkish lira after the local elections to be held on March 31. With this expectation contributing to predictions of a further rise in domestic rebar quotations, demand, which was weak, has recovered slightly, with new sales being concluded particularly in Turkey’s Iskenderun region.

On the other hand, Turkish steel mill Icdas announced its new domestic 12-32 mm rebar rebar sales prices today, March 25, at TRY 2,865/mt ($509/mt) + 18 percent VAT ex-works. Additionally, another Turkish rebar producer Izmir Demir Celik announced a sideways movement in its 12-32 mm rebar sales prices which are still at TRY 2,797/mt ($497/mt) ex-works, excluding VAT.

As of today, March 25, rebar offers in the Turkish spot market are as follows: 

All prices are ex-warehouse and on actual weight basis and exclude 18 percent VAT.

$1 = TRY 5.63