Local Turkish rebar prices reach new record levels

The record depreciation of the Turkish lira against the US dollar have led to a halt in buyers’ purchases in the local Turkish rebar market, following their long-lived cautious stance against the volatility of the Turkish lira-US dollar exchange rate. On the other hand, the movement of the exchange rate has also caused domestic rebar prices in Turkey to set a new record, increasing by TRY 76-111/mt as compared to SteelOrbis’ report published on July 30. Market sources state that the current price levels in the local Turkish rebar market are unlikely to gain acceptance due to the uncertainty resulting from the depreciation of the Turkish lira, and so demand in the market is not expected to revive in the short term.

As of today, August 2, 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 5.05