Turkish domestic rebar spot prices stable

Today, October 9, Turkish domestic rebar spot prices have remained unchanged in the local currency, while falling by only $3/mt on US dollar basis against the backdrop of the ongoing depreciation of the Turkish lira against the US dollar, as compared to Thursday, October 5. The main challenges local traders facing are the negative sentiment in the import scrap segment, adverse weather conditions, financial liquidity restrictions, and insufficient demand for newly-produced house projects. Most local traders in the Iskenderun region are offering relatively higher prices than the other regions, while some end-users in Anatolia are exerting pressure for further discounts due to the aggressive pricing policies of a few suppliers in the Izmir region, SteelOrbis has heard. Accordingly, 12 mm rebar spot prices in Turkey have settled at TRY 19,000-19,500/mt or $572-587/mt ex-warehouse, depending on the region, with an exchange rate of $1 = TRY 27.70.

Icdas has kept its official dollar-based rebar price stable at $590/mt ex-works today. Most Izmir and Marmara-based mills are still offering official rebar prices at $580-590/mt ex-works, down by $10/mt on the higher end.

In the Iskenderun region, one mill is offering rebar today at TRY 19,500/mt ($587/mt) ex-works, down by $3/mt over the same period. In addition, a few mills in this region are also offering their official rebar prices at TRY 19,800/mt ($596/mt) ex-works, which seems a bit difficult to achieve for now. Moreover, a few re-rollers in this region are offering rebar at TRY 19,600-19,700/mt ($590-593/mt) ex-warehouse, down by TRY 100/mt ($6/mt) over the same period.

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 27.70