Turkish domestic rebar spot prices rise in local currency after interest rate hike

Thursday, 22 June 2023 17:32:31 (GMT+3)   |   Istanbul
       

Today, June 22, Turkish domestic rebar spot prices have mostly risen by TRY 500-600/mt with minor changes on US dollar basis, compared to Monday, June 19, while rebar spot sales have been closed in the Izmir region after the Turkish Central Bank’s interest rate increase from 8.5 percent to 15 percent today and given the ongoing currency fluctuations. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 17,700-18,000/mt or $616-626/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 24.35. 

A few Turkish mills including Icdas A.S have closed their rebar sales today. Sources report that one Marmara-based mills has been offering official rebar prices at TRY 18,680/mt ($650/mt), rising by TRY 680/mt ($5/mt) over the same period. 

Bastug Metallurgy has closed its rebar sales until Monday, July 3. In addition, one Iskenderun-based re-roller issued its rebar price at TRY 17,700/mt ($616/mt) ex-warehouse earlier today. 

"Some local traders are aiming to generate cash before the Feast of Sacrifice holiday, so the gap between local traders’ prices has widened depending on their ongoing payments," one source mentioned." Rebar spot prices may exceed TRY 18,000/mt ex-works after the holiday," another source commented. 

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) 

19.06.2023 

19.06.2023 

Marmara 

8 mm 

647 

18,600 

+1 

+600 

Marmara 

12 mm 

626 

18,000 

+1 

+600 

Iskenderun 

8 mm 

637 

18,300 

-2 

+500 

Iskenderun 

10 mm 

630 

18,100 

-2 

+500 

Iskenderun 

12 mm 

616 

17,700 

-2 

+500 

Izmir 

8 mm 

N/A 

N/A 

N/A 

N/A 

Izmir 

10 mm 

N/A 

N/A 

N/A 

N/A 

Izmir 

12 mm 

N/A 

N/A 

N/A 

N/A 

Karabuk 

8 mm 

640 

18,400 

+1 

+600 

Karabuk 

12 mm 

619 

17,800 

+1 

+600 

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. 

$1 = TRY 24.35


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