In the Turkish domestic rebar market, a producer from the Marmara region has increased its prices for Istanbul and also for Biga, Canakkale, following which local producer Kardemir closed its rebar sales which it had opened on February 17 at the price level of TRY 1,185/mt ($673/mt) + VAT ex-works, after collecting orders totaling about 40,000 mt.
After the price hike announcement of the producer in the Marmara region, which was originally expected last Friday, the Turkish domestic rebar market has revived.
Turkish traders' 12 mm rebar offers have increased by about TRY 15-30/mt and reached TRY 1,178-1,186/mt ($669-674/mt) + VAT ex-warehouse. Following these sales, while producer prices have increased to TRY 1,186/mt ($674/mt) ex-works, while traders' 12 mm rebar prices have been maintained at TRY 1,186/mt ($674/mt) ex-warehouse.
On the back of support coming from higher scrap quotations and local demand, it is thought that Turkish domestic rebar prices may rise further in the coming period, if the price hikes are also supported by a favorable US dollar/Turkish lira exchange rate and better weather conditions in Turkey.
$1 = TRY 1.76