Turkey’s import tariff decision not expected to impact local rebar market

Since SteelOrbis’ report published on September 17, demand in the local Turkish rebar market has failed to revive and is still at low levels. Market sources state that the changes recorded in domestic rebar prices in Turkey are consistent with the fluctuations of the Turkish lira-US dollar exchange rate. SteelOrbis has been informed that purchases in the local Turkish rebar market are still being made only in line with needs, while buyers prefer just to monitor the market for now.

On the other hand, Turkey’s decision to impose a quota on certain steel imports is not expected to have an effect on the local Turkish rebar market. In the January-July period this year, Turkey’s rebar imports totaled 18,067 mt. As a result, the quota of 558,534 tons for long steel products, including bars, wires and profiles, is believed to be on the large side for the market.

Meanwhile, domestic rebar prices in Turkey have increased by TRY 25-85/mt since September 17.

As of today, September 20, 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 6.31