Weak demand in the local Turkish rebar market

Rebar quotations in the local Turkish rebar market have not declined in line with the low levels of demand seen in the market since the beginning of the current week, but instead have continued their uptrend amid the depreciation of the Turkish lira against the US dollar. Yesterday, May 9, domestic rebar prices in Turkey set a new record by reaching TRY 2,880/mt ex-warehouse, including VAT.

Following the slight appreciation of the Turkish lira against the US dollar recorded today, the weakness of demand has been reflected in prices, and so domestic rebar quotations in Turkey declined by TRY 8.5/mt + VAT as compared to yesterday.

On the other hand, as compared to SteelOrbis’ report published on May 7, domestic rebar prices in Turkey’s Karabuk region have increased by TRY 9/mt, while prices in the Marmara and Iskenderun regions have declined by TRY 8-9/mt. Meanwhile, domestic rebar prices in Turkey’s Izmir region have remained stable since May 7.  

As of today, May 10, 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 4.23