Turkish domestic rebar spot prices increase further

Today, November 2, Turkish domestic rebar spot prices have risen by TRY 200-400/mt ($3-10/mt) amid ongoing currency fluctuations and costlier import scrap, as compared to Monday, October 30. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 18,900-19,400/mt or $555-570/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 28.36.

Icdas has kept its official dollar-based rebar price at $570/mt ex-works today. Most Izmir and Marmara-based mills are offering official rebar prices at $560-575/mt, versus $550-570/mt ex-works on October 30. Additional discounts are applicable for serious buyers only.

One Iskenderun-based mill has closed its rebar sales since the beginning of this week, while another mill in the region was offering rebar at TRY 19,700/mt ($579/mt) ex-works yesterday. In addition, a few re-rollers in the region are offering rebar at TRY 19,300-19,500/mt ($567-573/mt) ex-warehouse today.

Most local buyers are facing difficulties in repayments of bank loans and are taking their time before concluding new purchases in order to monitor the uptrend of import scrap prices and to see how long it will last. Moreover, a few local traders have already restocked material after Kardemir's recent rebar 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 28.36