After the central bank increased the interest rate from 17.5 percent to 25 percent, trade in Turkiye's local market came to a halt. The rapidly falling dollar exchange rate has upset the price balance. While the rapid decrease in the dollar exchange rate will cause rebar prices to depreciate by almost 1000tl/ton, producers reported today that they are basing their dollar-based prices at 27.00 per cent. Accordingly, although the sharp decrease in prices is to be prevented, prices are expected to be shaped according to the level of the exchange rate next week. Offers in the export market are trading in the range of $570-590/ton fob.
Imported scrap prices Hms 80/20 have been reported strong at $374, while Russian and Chinese billet offers are hovering in the $510-515 range. Rebar prices in the spot market settled at 19,000tl/$598.
Spot rebar prices by region, as assessed by www.steelradar.com on 25 August 2023, are as follows;
Istanbul rebar prices 19,200 TL (0.00)
Izmir rebar prices 19.000 TL (0,00)
Karabuk rebar prices 19.000 TL (-100)
Payas rebar prices 19.000 TL (-100)
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