The increased strength of the US dollar against the Turkish lira and the conclusion of rebar transactions at higher prices have resulted in increased price quotations in the local Turkish rebar market. Turkish steel producers have in succession revised their prices upwards, while traders have increased their spot prices. Today, December 15, Turkish steel producer Kardemir revised its rebar prices upwards, while Turkish producer Icdas responded to this move by increasing its rebar prices, in line with expectations.
Transaction activity in the local Turkish rebar market has been lively since Friday, December 12, though with activity levels varying depending on the region. After the sales concluded on Friday, some traders thought that producers' rebar prices might increase at the weekend and so they were unwilling to give offers. Instead they preferred to wait and see what would happen on Monday. With today's price increases, market sources state that buyers are continuing to conclude transactions in line with their needs.
Turkish producers' offers to the local market are in the range of TRY 1,174-1,186/mt ex-works, excluding VAT.
As of today, December 15, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) 11.12.2014 |
Marmara | 8 mm | 1,440 | 524 | +70 |
Marmara | 12 mm | 1,420 | 516 | +70 |
Iskenderun | 8 mm | 1,400 | 509 | +60 |
Iskenderun | 10 mm | 1,390 | 506 | +60 |
Iskenderun | 12 mm | 1,380 | 502 | +60 |
Izmir | 8 mm | 1,410 | 513 | +50 |
Izmir | 10 mm | 1,395 | 507 | +50 |
Izmir | 12 mm | 1,385 | 504 | +50 |
Karabuk | 8 mm | 1,410 | 513 | +60 |
Karabuk | 12 mm | 1,390 | 506 | +60 |
All prices are ex-warehouse and on actual weight basis. The TRY prices include 18 percent VAT, while the US$ prices exclude VAT.
$1 = TRY 2.33