The expectation of an interest rate hike at the June meeting of the Turkish central bank caused panic in the iron and steel markets.
The iron traders, who want to make quick sales with the concern that the decrease in the dollar with the interest rate increase will lead to a decrease in prices, lowered their price offers.
In the last week of the exchange rate increase, Tosyalı, which operates in the Payas region, fixed its rebar prices at 17,650tl. However, with the depreciation of the Turkish lira, its dollar-based price decreased from $650 to $635.
Iron and steel mills in Istanbul and Izmir, on the other hand, fixed their dollar-based prices at $650-660, paving the way for an increase in their Turkish lira equivalent sales prices.
Although the producer-based selling price of 17,650tl is the base price in Turkey, unbalanced offers appeared at trader-based prices. For example, offers as high as 17,200tl in Payas and 17,300tl in Izmir were reported.
Current spot rebar prices evaluated by www.steelradar.com are as follows;
Istanbul rebar prices 17,800 TL (-300) / $641 (-8)
Izmir rebar prices 17,700 TL (-200) / $637 (-5)
Karabuk rebar prices 17,500 TL (-300) / $630 (-8)
Payas rebar prices 17,700 TL (-200) / $637 (-5)
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