Turkish domestic rebar spot prices fall sharply

Today, October 12, Turkish domestic rebar spot prices have fallen by TRY 300-400/mt ($10-13/mt) in the local currency, amid the negative sentiment in the import scrap segment and the ongoing currency fluctuations, as compared to  Monday, October 9. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,700-19,200/mt or $562-577/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 27.75.

Icdas has kept its official dollar-based rebar price stable at $590/mt ex-works today. Most Izmir and Marmara-based mills are offering official rebar prices at $560-580/mt ex-works today, versus $580-590/mt ex-works at the beginning of this week. According to sources, the workable rebar price levels are at $560-570/mt ex-works.

One Iskenderun-based mill is offering its official rebar price at TRY 19,400/mt ($583/mt) ex-works, while a few re-rollers in this region are offering rebar at TRY 19,200/mt ($577/mt) ex-warehouse. Sources report additional discounts of up to $10/mt are applicable for serious buyers only.

It is worth mentioning that most Turkish mills are concentrating on their domestic rebar sales amid the slow trading activity in the export segment and are applying aggressive pricing policies to generate sales.

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 27.75