Local Turkish rebar spot prices show signs of rebound

Today, October 30, Turkish domestic rebar spot prices have risen by TRY 200-300/mt ($4-8/mt) against the backdrop of ongoing currency fluctuations and limited supply in the Marmara region, as compared to Monday, October 23. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,600-19,200/mt or $549-567/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 28.24.

Icdas has kept its official dollar-based rebar price at $570/mt ex-works today. Most Izmir and Marmara-based mills are offering official rebar prices at $550-570/mt ex-works, versus $540-575/mt ex-works over the same period. Sources report that $545/mt ex-works was valid in the Izmir region at the end of last week and the price has risen by $5/mt since then.

One Iskenderun-based mill has closed its rebar sales, while another re-roller in this region issued its rebar price at TRY 18,900/mt ($558/mt) ex-warehouse earlier today and closed its rebar sales in the afternoon.

Most Turkish mills are applying aggressive pricing, taking advantage of the depreciation of the Turkish lira against the US dollar. Sources report the workable rebar price is close to $550-565/mt ex-works depending on the region.

As of today, rebar offers in the Turkish spot market are as follows:

All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 20 percent VAT, while prices on US dollar basis exclude VAT.

$1 = TRY 28.24