Interest rate did not meet expectations, rebar prices increased

The Central Bank increased interest rates after 27 months. In the market where the general expectations were for a higher interest rate hike, the effect of the policy rate increase to 15% on the iron and steel market in the medium and long term was also sharp. Rebar prices increased by an average of 10% in two days, increasing from 16.600-17.300t to 18.100-19.000t.

While Icdas A.S. continued horizontally at $640 today, the Turkish lira equivalent of its prices increased close to 1500 TL due to the exchange rate increase.

While Istanbul region producers reported prices of $640-650, Tosyalı, which operates in Iskenderun region, announced a price of 17,650tl including VAT for July delivery. This price, which corresponds to $585, surprised the market.

While many sellers were looking for a balance in prices, some sellers said they withdrew from the sale because they wanted to see after the feast.

Turkey spot rebar prices

Current spot rebar prices evaluated by www.steelradar.com are as follows;

Istanbul rebar prices 19,000 TL (1200) / $629 (+16)

Izmir rebar prices 18.600 TL (-900) / $612 (+6)

Karabuk rebar prices 18,100 TL (-800) / 599 $ (+3)

Payas rebar prices 18.500 TL (1200) / 612 $ (616)