As the Turkish lira depreciated in Turkey this week, rebar prices in Turkish lira terms increased and prices in dollar terms decreased. On Thursday, May 18, the price of 15,400tl was equivalent to $659, while today the price of 15,400tl fell to $655. Compared to Thursday last week, TRY-denominated prices remained the same on average, while dollar-denominated prices fell by $4.
Turkey's steel mills have stopped offering dollar-denominated prices in the local market. Even though many mills sell their products in Turkish Lira, since raw materials are mainly imported, dollar-based costs and prices used to be created and converted into Turkish Lira during sales. However, the rapid rise in the exchange rate and stagnant demand forced Turkish producers to maintain TL-based prices.
Even if the prices in Istanbul, Izmir and Karabük continued to remain flat, Tosyalı, one of the producers in the Payas region, increased its rebar prices by 150tl to 15,350tl today.
At the beginning of May, factories and spot market prices were close to each other, but the difference gradually widened to $25-30. Factory prices have remained flat in recent days, but trader-based prices are trying to close this gap again by increasing.
Current spot rebar prices evaluated by www.steelradar.com are as follows;
Istanbul rebar prices 15,400 TL (+100) / -$652 (+3)
Izmir rebar prices 15.350 TL (+250) / 643$ (+10)
Karabuk rebar prices 15,300 TL (+200) / $643 (+8)
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