Local Turkish rebar market moves in line with lira-dollar exchange rate

It is observed that demand in the local Turkish rebar market has remained at low levels during the past week, while domestic rebar prices in Turkey have moved in parallel with the Turkish lira-US dollar exchange rate in the same period. The mostly downward movement of Chinese billet and rebar export quotations seen since the beginning of January has caused Turkish buyers to anticipate a decline in domestic rebar prices. Meanwhile, with the ongoing weakness of demand received both from domestic and export markets, Turkish steel mills have exerted downward pressure on import scrap quotations. Future import scrap transactions in Turkey are expected to be concluded at lower price levels as compared to the latest transaction prices. Under the current circumstances, domestic rebar purchases in Turkey are still being made only in line with needs. On the other hand, domestic rebar prices have increased in Turkey’s Marmara, Iskenderun and Izmir regions by TRY 9/mt, TRY 17/mt and TRY 17/mt, respectively, while they have remained stable in the Karabuk region, though they have indicated diverse trends on dollar basis due to the fluctuation of the exchange rate. 

As of today, January 18, 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