According to market sources, rebar prices in the local Turkish market have been revised upwards gradually over the past week due to the strengthening of the dollar against the Turkish lira. Turkish steel producer Kardemir's sales have accelerated with the increased strength of the dollar against the lira and the producer closed its domestic rebar sales on September 15 after selling 32,000 mt of rebar in total. The mill had opened its rebar sales on August 26 at the level of TRY 1,267/mt ($573/mt) ex-works, excluding VAT. On the other hand, Turkish producer Icdas has increased its rebar prices by TRY 20/mt compared to its previous list prices. Accordingly, its 12-32 mm rebar prices in Turkey's Marmara region are now at TRY 1,297/mt ($587/mt) + VAT ex-works, while its rebar prices in Biga, Canakkale in northwestern Turkey are at TRY 1,284/mt ($581/mt) + VAT ex-works.
Market sources state that Turkish rebar producers' sales volumes to the domestic market have been decent compared to their sales to the export markets, while traders have completed their purchases from Turkish producers in order to replenish their stocks. However, market sources report that end-user demand has made a quiet start to the current week and buyers are waiting for greater clarity in the US dollar-Turkish lira exchange rate after the announcement expected from the US Federal Reserve later today, September 16.
As of today, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) 09.09.2014 |
Marmara | 8 mm | 1,530 | 587 | +20 |
Marmara | 12 mm | 1,510 | 579 | +20 |
Iskenderun | 8 mm | 1,510 | 579 | +10 |
Iskenderun | 10 mm | 1,500 | 575 | +10 |
Iskenderun | 12 mm | 1,490 | 571 | +10 |
Izmir | 8 mm | 1,515 | 581 | +15 |
Izmir | 10 mm | 1,500 | 575 | +15 |
Izmir | 12 mm | 1,490 | 571 | +15 |
Karabuk | 8 mm | 1,525 | 585 | +15 |
Karabuk | 12 mm | 1,505 | 577 | +15 |
All prices are ex-warehouse and on actual weight basis. The TRY prices include 18 percent VAT, while the US$ prices exclude VAT.
$1 = TRY 2.21