Local Turkish rebar market continues its upward movement

Demand in the local Turkish rebar market has failed to improve since SteelOrbis' previous report on October 20 and is still at low levels. Although no significant change has been observed in the Turkish lira-US dollar exchange rate and despite the ongoing weak demand conditions, domestic rebar prices in Turkey have moved up since October 20 due to the rises seen in import scrap and billet quotations for the fourth consecutive week.
 
Today, October 24, SteelOrbis has been informed that Turkish producer Icdas' 12-32 mm rebar prices in Turkey's Marmara region are now at TRY 1,246/mt ($406/mt) + VAT ex-works, while its rebar prices in Biga, Canakkale in northwestern Turkey are at TRY 1,229/mt ($400/mt) + VAT ex-works. The mill's list prices have moved up by TRY 26/mt + VAT as compared to its previous price list issued on October 19, while due to currency fluctuations prices have increased by $11/mt on US dollar basis. Additionally, as per its new price list dated October 24, Turkish steel producer Bastug Metalurji has opened its domestic rebar sales for 12-32 mm rebar at TRY 1,246/mt ($406/mt), for 10 mm rebar at TRY 1,254/mt ($409/mt) and for 8 mm rebar at TRY 1,263/mt ($411/mt), all ex-works and excluding VAT.

As of today, October 24, traders' rebar offers in the Turkish domestic market are as follows:

All prices are ex-warehouse and on actual weight basis and exclude VAT.
 
$1 = TRY 3.07