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Turkey's local rebar prices have skyrocketed with the currency, and market activities have ceased
The local Turkish rebar producer announced an unprecedented increase in the price of lira based on the sharp weakening of the national currency. As people did not have confidence in the future, activities in the market ceased.
It is learned that on November 23, Turkey's largest long product producer ICDAS raised the domestic rebar price by 1,150 Turkish liras/ton to 11.06 million Turkish liras/ton EXW and 11.17 million Turkish liras. /T CFR Marmara. The reason for the price increase was that the lira depreciated by 11.7% in one day (at the time the company released the price). At the same time, the company's USD quotation remained unchanged during the reporting period, at USD 750/ton EXW and USD 759/ton CFR.
According to reports, other domestic manufacturers stopped sales on November 23. There is no commercial activity at all in the local market. "Everyone is shocked. As the lira continues to weaken, there is no trading activity," a source pointed out. "We don't know what will happen in an hour, so how could we sell," another source said. “Price is not important anymore, and everyone hopes to wait until the situation becomes clearer before making a decision,” a third source added.
The price in lira includes 18% VAT, but not for the US dollars price. Exchange rate: 1 U.S. dollar = 12.5 Turkish Lira.
