How did the increase in VAT rates affect rebar prices?

Today in Turkey, rebar VAT rates increased from 18% to 20%.

In the execution of the Ministry of Treasury and Finance, VAT rates of 8% were increased to 10% and VAT rates of 18% were increased to 20% in accordance with Article 28 of the Value Added Tax Law No. 3605.

The change in VAT rates, which will enter into force on 10 July 2023, confused the markets. Although it has not yet entered into force, rebar sales prices have been opened for sale including 20% VAT.

Although the dollar-based prices of producers continued to remain flat, prices continued to decrease due to stagnant market conditions where spot market prices including VAT should increase by 400tl.

Turkey spot rebar prices were announced between 18,300 - 18,600 TL with decreases of up to 200tl today according to regions.

According to www.steelradar.com, rebar prices by region are as follows;

Istanbul rebar prices 18,600 TL (0.00) / $605 (+1)

Izmir rebar prices 18,300 TL (-200) / 595 $ (-6)

Karabuk rebar prices 18,400 TL (-100) / 598 $ (-3)

Payas rebar prices 18.300 TL (-200) / 595 $ (-6)