Local Turkish rebar prices still impacted by exchange rate

Prices in the local Turkish rebar market had started this week with an upward movement as a result of the depreciation of the Turkish lira against the US dollar and the rises recorded in import scrap prices. Also, the ongoing tight supply problem experienced in the market had supported this uptrend of domestic rebar prices.

Domestic rebar prices in Turkey continued to move upwards in the following days of the week, while remaining stable today, November 23,  as compared to yesterday due to the strengthening of the Turkish lira against the US dollar. Accordingly, domestic prices have increased by TRY 16-51/mt and have risen by $2-10/mt on dollar basis due to the fluctuation of the exchange rate, as compared to prices in the report published by SteelOrbis on November 20. According to market sources, supply still remains tight and end-users continue to conclude deals only to meet their immediate needs as they consider the current price levels to be on the high side.

Meanwhile, Turkey’s Construction Contractors Confederation (IMKON) has stated that the government has to take necessary steps in order to stop the rises recorded in domestic rebar prices in Turkey, claiming that the current price levels are leading to a crisis in the construction sector.

As of today, November 23, 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 3.94