Market players in the Turkish rebar spot market are still confused by the situation regarding imported scrap prices and the fluctuations of the US dollar-Turkish lira exchange rate. Influenced by the instability of the currency exchange rate, rebar prices in the local Turkish market indicate minor increases or decreases of TRY 10/mt compared to one week ago, while trading activity in the domestic market, which had improved a little since the end of February, seems to have slowed down again. Even though transaction activity in the Turkish rebar spot market has showed some improvement during the past week amid increasing import scrap prices, scrap prices have now started to indicate a softening trend. Traders report that, while inventories for rebar in the Turkish domestic market are not on the high side, buyers prefer to wait and observe the trend of import scrap prices before concluding rebar deals.
Meanwhile, Turkish steel producer Kardemir still has not received any demand for rebar at TRY 1,170/mt ($447/mt) ex-works, excluding VAT, in its rebar sales which it opened on March 12.
As of today, March 16, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) |
09.03.2015 | ||||
Marmara | 8 mm | 1,212 | 463 | +10 |
Marmara | 12 mm | 1,195 | 456 | +10 |
Iskenderun | 8 mm | 1,161 | 443 | -10 |
Iskenderun | 10 mm | 1,153 | 440 | -10 |
Iskenderun | 12 mm | 1,144 | 437 | -10 |
Izmir | 8 mm | 1,199 | 458 | +10 |
Izmir | 10 mm | 1,186 | 453 | +10 |
Izmir | 12 mm | 1,178 | 450 | +10 |
Karabuk | 8 mm | 1,195 | 456 | - |
Karabuk | 12 mm | 1,178 | 450 | - |
All prices are ex-warehouse and on actual weight basis and exclude VAT.
$1 = TRY 2.62