Price adjustments in Turkish domestic rebar spot market

Tuesday, 11 March 2014 17:46:32 (GMT+3)   |   Istanbul
       

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


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