According to market sources, rebar prices in the local Turkish market have started the current week on a rising trend.
Rebar prices in the Marmara region have been revised upwards due to tightness in rebar availability in the region, while rebar prices in the other regions have strengthened compared to the closing prices on Friday, August 29. However, market sources state that demand for the revised prices is on the weak side and that buyers prefer to wait for a clearer trend to emerge in the market. Additionally, it is reported that there has been no demand for Kardemir's domestic rebar and billet sales which were opened on August 26. Transaction activity is also expected to be impacted by the Turkish lira-US dollar exchange rate which will become clearer after the announcement due to made by the European Central Bank (ECB) on Thursday this week regarding its interest rate policy. On the other hand, Turkish rebar producers' offers to the local market are in the range of TRY 1,254-1,279/mt ($581-592/mt), excluding VAT.
As of today, September 1, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) 29.8.2014 |
Marmara | 8 mm | 1,510 | 592 | +10 |
Marmara | 12 mm | 1,490 | 585 | +10 |
Iskenderun | 8 mm | 1,495 | 587 | +20 |
Iskenderun | 10 mm | 1,480 | 581 | +20 |
Iskenderun | 12 mm | 1,470 | 577 | +20 |
Izmir | 8 mm | 1,490 | 585 | +10 |
Izmir | 10 mm | 1,480 | 581 | +10 |
Izmir | 12 mm | 1,470 | 577 | +10 |
Karabuk | 8 mm | 1,510 | 592 | +20 |
Karabuk | 12 mm | 1,490 | 585 | +20 |
All prices are ex-warehouse and on actual weight basis. The TRY prices include 18 percent VAT, while the US$ prices exclude VAT.
$1 = TRY 2.16