Local Turkish rebar market still moving on upward trend

Buyers in Turkey have stepped up their domestic rebar inquiries slightly amid the increases seen in finished steel prices since the beginning of last week, though actual demand in the local Turkish rebar market is still at low levels.

Domestic rebar prices in Turkey, which have been continuing their upward movement with the influence of the rises seen in import scrap and semi-finished quotations and due to the ongoing depreciation of the Turkish lira against the US dollar, have increased by an average of TRY 40/mt ($13/mt) since October 10.

Additionally, Turkish steel producer Kardemir opened its domestic rebar sales as per its new price list dated October 12. Accordingly, Kardemir has opened its domestic sales for rebar at the level of TRY 1,172/mt ($381/mt) ex-works. Today, October 13, Turkish producer Icdas announced that its 12-32 mm rebar prices in Turkey's Marmara region are now at TRY 1,195/mt ($387/mt) + VAT ex-works, while its rebar prices in Biga, Canakkale in northwestern Turkey are at TRY 1,178/mt ($381/mt) + VAT ex-works. The mill's list prices have moved up by TRY 17/mt + VAT as compared to its previous price list issued on October 10, while due to currency fluctuations prices have increased by $3/mt on US dollar basis. The upward movement of domestic rebar prices in Turkey is not expected to end in the short term if import scrap and semi-finished steel quotations continue their increasing trend or at least remain stable.

As of today, October 13, traders' rebar offers in the Turkish domestic market are as follows: