Turkish domestic rebar spot prices increase amid livelier demand

Today, August 10, Turkish domestic rebar spot prices have risen by TRY 100-400/mt ($2-12/mt), compared to Monday, August 7, amid the ongoing currency fluctuations and livelier demand. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,100-18,400/mt or $558-567/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 27.04.  

Icdas A.S has kept its official rebar price at $570/mt ex-works today. Most mills in the Izmir and Marmara regions are offering official rebar prices at $560-570/mt ex-works today. According to sources, around 40,000-50,000 mt of rebar are rumored to have been sold in the Marmara region at TRY 18,000-18,300/mt ($555-565/mt) ex-works since the beginning of this week. In addition, around 20,000-30,000 mt of rebar are also rumored to have been sold at TRY 18,000/mt ($555/mt) ex-works in the Izmir region over the same period.

One Iskenderun-based mill has issued its rebar price at TRY 18,000 mt ($555/mt) ex-works today. Moreover, around 20,000-30,000 mt of rebar sales were transacted at TRY 17,900/mt ($552/mt) ex-works yesterday in this region. "Most local traders have already piled up stocks, so the tonnage is limited for this week" one source mentioned. 

In the Karabuk region, the local mill succeeded in selling around 35,000 mt of rebar at $555/mt ex-works with advantageous payment terms yesterday. All in all, over 110,000 mt of rebar sales have been reported at $552-565/mt ex-works, with may be considered a positive sign on the demand side. The key reasons for these rebar sales are; some local traders are aiming to restock as they expect local rebar prices to hit the bottom and may increase due to the slightly higher price in the import scrap segment in the latest deal as well as their expectation demand may recover starting from the second half of August due to the possible start of projects in the Iskenderun region. On the contrary, some local traders are pessimistic and think that the upward trend may not last long due to bank credit availability issues. 

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 27.04