Today, June 12, Turkish domestic rebar spot prices have mostly risen by TRY 50-500/mt, with minor changes on US dollar basis, compared to Thursday, June 8, amid the ongoing currency fluctuations and the unclear financial situation in the country. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 17,800-18,100/mt or $634-644/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 23.80.
Icdas A.S. has kept its official dollar-based rebar price at $650/mt ex-works, with an exchange rate of $1 = TRY 23.80 today. Sources report that a few Marmara-based mills have been offering official rebar prices at TRY 18,300/mt ($652/mt), rising by TRY 100/mt, while falling by $8/mt on US dollar basis over the same period. An Izmir-based mill is offering rebar at TRY 18,000/mt ($642/mt) ex-works today.
One Iskenderun-based mill issued its rebar price at TRY 17,650/mt ($628/mt) ex-works and closed its rebar sales in the afternoon.
The general sentiment is sluggish on the demand side. The Turkish central bank’s interest rate decision is expected to be announced on Thursday, June 22. Most local traders are in wait-and-see mode as the Feast of Sacrifice is also approaching.
As of today, rebar offers in the Turkish spot market are as follows:
Region |
Dimension |
Price ($/mt) |
Price (TRY/mt) |
Price changes ($/mt) |
Price changes (TRY/mt) |
8.06.2023 |
8.06.2023 |
||||
Marmara |
8 mm |
666 |
18,700 |
+7 |
+500 |
Marmara |
12 mm |
644 |
18,100 |
-8 |
+100 |
Iskenderun |
8 mm |
657 |
18,450 |
+5 |
+450 |
Iskenderun |
10 mm |
650 |
18,250 |
+2 |
+350 |
Iskenderun |
12 mm |
636 |
17,850 |
-8 |
+50 |
Izmir |
8 mm |
662 |
18,600 |
+7 |
+500 |
Izmir |
10 mm |
655 |
18,400 |
+3 |
+400 |
Izmir |
12 mm |
641 |
18,000 |
-7 |
+100 |
Karabuk |
8 mm |
655 |
18,400 |
+3 |
+400 |
Karabuk |
12 mm |
634 |
17,800 |
-10 |
0 |
All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 18 percent VAT, while prices on US dollar basis exclude VAT.
** The main reason for the price difference for the three sizes are the revised conversion costs from 12 mm to 10 mm and 8 mm, which are taken as TRY 400/mt and TRY 600/mt respectively due to Turkish mills' recent updates.
$1 = TRY 23.80