Today, May 11, Turkish domestic rebar spot prices have risen by TRY 600-750/mt ($24-31/mt) compared to Monday, May 8, amid ongoing depreciation of the Turkish lira against the US dollar and some local traders have restocked material before the elections due to the unclear financial situation in the country. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 15,350-15,550/mt or $665-673/mt ex-warehouse, depending on the region.
Icdas A.S. has issued its official rebar price at $670/mt ex-works today. A few Marmara-based mills issued their official rebar prices at $665/mt ex-works earlier today. An Izmir-based mill has today raised its rebar price by another $10/mt to $660/mt ex-works for cash payment. Some local traders have been panicking and restocking material due to the unclear financial situation in the country, which has triggered a sharp price increase in the domestic rebar spot market. The main question is whether the sharp price increase will continue early next week. However, some local traders are monitoring the import scrap price trend and are buying in line with their daily needs for now.
As of today, rebar offers in the Turkish spot market are as follows:
|
Region |
Dimension |
Price ($/mt) |
Price (TRY/mt) |
Price changes ($/mt) |
Price changes (TRY/mt) |
|
8.05.2023 |
8.05.2023 |
||||
|
Marmara |
8 mm |
676 |
15,600 |
+24 |
+600 |
|
Marmara |
12 mm |
667 |
15,400 |
+24 |
+600 |
|
Iskenderun |
8 mm |
682 |
15,750 |
+30 |
+750 |
|
Iskenderun |
10 mm |
678 |
15,650 |
+31 |
+750 |
|
Iskenderun |
12 mm |
673 |
15,550 |
+30 |
+750 |
|
Izmir |
8 mm |
673 |
15,550 |
+26 |
+650 |
|
Izmir |
10 mm |
669 |
15,450 |
+26 |
+650 |
|
Izmir |
12 mm |
665 |
15,350 |
+26 |
+650 |
|
Karabuk |
8 mm |
682 |
15,750 |
+26 |
+650 |
|
Karabuk |
12 mm |
673 |
15,550 |
+26 |
+650 |
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 19.57