Turkish steelmakers have increased their rebar prices on Turkish lira (TRY) basis in their domestic market, following the strengthening of the US dollar against the local currency, while their US dollar-based prices have remained stable.
Accordingly, mills' rebar offer prices have increased by TRY 20-25/mt ($11-14/mt) as compared to early last week to TRY 1,089-1,106/mt ($602-611/mt) ex-works, excluding VAT. Although demand has remained stagnant, it is difficult for rebar prices to move down below this level due to higher scrap and billet prices.
$1 = TRY 1.81