How did the interest rate decision affect rebar prices in Türkiye?

The Central Bank of the Republic of Turkey raised the policy rate to 30 percent in line with expectations.

The Central Bank raised the policy rate by 650 basis points to 15 percent in June and by 250 basis points to 17.50 percent in July.

With the latest increase, the CBRT realized the fourth interest rate hike under its new management.

The Central Bank's interest rate decision caused movement in the dollar and iron and steel market. Dollar/TL rose by 0.55 percent to 27.21. As of 15:44, it is trading at 27.11.

The movement in the dollar also affected the iron and steel market. With the expectation of an increase in prices after the exchange rate increase, the trading volume in the rebar market increased.

Producer prices hovered between $575-$590 while spot market prices continued in the range of $565-$575.

September 21, 2023 www.steelradar.com evaluated spot rebar prices by region as follows;

Istanbul rebar prices 18,600 TL (0.00) / 685,79 USD (0.00)

Izmir rebar prices 18.500 TL (0,00) / 682,10 USD (0.00)

Karabuk rebar prices 18.600 TL (0,00) / 685,79 USD USD (0.00)

Payas rebar prices 18.750 TL (0,00) / 691,32  USD (0.00)

1 USD = 27,12 Turkish Lira