After Turkish steelmaker Kardemir's announcement of reduced rebar and billet sales prices, rebar prices in the local Turkish market have decreased today, November 21. Market players are pessimistic as regards the prospects for the market in the short and medium term, in light of declining raw material prices and the lack of improvement in demand, as well as the lack of good news from the export markets and given the competitiveness of Chinese products.
However, some market sources do not disregard the possibility of a revival in the Turkish rebar market after the New Year. The same market sources state that energy prices are expected to rise in 2015, while rebar supply will decline during producers' planned maintenance works, providing support for rebar prices. In addition, improvements are anticipated in the construction sector in the medium and long term. Thus, they believe sentiment in the Turkish rebar market may see some amelioration.
As of today, November 21, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) 13.11.2014 |
Marmara | 8 mm | 1,320 | 504 | -20 |
Marmara | 12 mm | 1,300 | 496 | -20 |
Iskenderun | 8 mm | 1,275 | 487 | -65 |
Iskenderun | 10 mm | 1,260 | 481 | -60 |
Iskenderun | 12 mm | 1,250 | 477 | -60 |
Izmir | 8 mm | 1,310 | 500 | -30 |
Izmir | 10 mm | 1,300 | 496 | -30 |
Izmir | 12 mm | 1,290 | 492 | -30 |
Karabuk | 8 mm | 1,310 | 500 | -50 |
Karabuk | 12 mm | 1,290 | 492 | -50 |
All prices are ex-warehouse and on actual weight basis. The TRY prices include 18 percent VAT, while the US$ prices exclude VAT.
$1 = TRY 2.22