Rebar prices in the Turkish spot market have softened further by TRY 5-10/mt ($3-6/mt) as compared to early this week, while the downward price trend has weakened demand.
Meanwhile, on the producers' side, local steelmaker Kardemir's rebar list prices are at TRY 1,093-1,102/mt ($611-616/mt) ex-works, while Icdas is offering rebar on ex-works basis at the level of TRY 1,123/mt ($627/mt) for Istanbul and at TRY 1,110/mt ($620/mt) for Biga in the province of Canakkale. All prices exclude VAT.
In the meantime, Kardemir is expected to open its domestic billet sales in the coming days. The previous price levels for billet at $550-555/mt + VAT ex-works, depending on grades, will likely decline in the current market conditions.
Expectations for softer prices in the Turkish semi-finished and long steel markets have pushed buyers to adopt a wait-and-see stance. However, a recent ex-US scrap deal at $392/mt CFR has caused downward expectations in scrap prices, which will help domestic demand for semi-finished and long steel materials to improve in the coming weeks.
As of today, April 11, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes 08.04.2013 |
Marmara | 8 mm | 1,290 | 611 | -10 |
Marmara | 12 mm | 1,270 | 601 | -10 |
Iskenderun | 8 mm | 1,300 | 615 | -10 |
Iskenderun | 10 mm | 1,290 | 611 | -10 |
Iskenderun | 12 mm | 1,280 | 606 | -10 |
Izmir | 8 mm | 1,285 | 608 | -10 |
Izmir | 10 mm | 1,270 | 601 | -10 |
Izmir | 12 mm | 1,260 | 597 | -10 |
Karabuk | 8 mm | 1,305 | 618 | -5 |
Karabuk | 12 mm | 1,285 | 608 | -5 |
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 1.79