After making a quiet start today, March 11, the Turkish domestic spot rebar market has witnessed upward price adjustments by traders during the day after Turkish integrated steel producer Kardemir announced the closure of its domestic rebar sales having received total demand for 52,850 mt with traders replenishing their inventories. The mill had opened its sales on February 18 at the level of TRY 1,240/mt ($557/mt) ex-works, excluding VAT. In addition, the appreciation of the US dollar against the Turkish lira has also supported higher rebar offers.
On the other hand, energy prices in Turkey are expected to see increases after the municipal elections which will be held on March 30 and higher energy prices are foreseen to push up steelmakers' costs, which may lead to another upward adjustment in domestic rebar spot prices. For this reason, some market sources are expecting stronger rebar demand ahead of the elections.
As of today, March 11, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) 10.03.2014 |
Marmara | 8 mm | 1,520 | 578 | +10 |
Marmara | 12 mm | 1,500 | 571 | +10 |
Iskenderun | 8 mm | 1,500 | 571 | +30 |
Iskenderun | 10 mm | 1,490 | 567 | +30 |
Iskenderun | 12 mm | 1,480 | 563 | +30 |
Izmir | 8 mm | 1,500 | 571 | +25 |
Izmir | 10 mm | 1,485 | 565 | +25 |
Izmir | 12 mm | 1,475 | 561 | +25 |
Karabuk | 8 mm | 1,500 | 571 | +20 |
Karabuk | 12 mm | 1,480 | 563 | +20 |
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 2.227