Uncertainty regarding the price trend has permeated the local Turkish rebar market over the past week, causing end-users to prefer to maintain a wait-and-see approach, contributing to sluggish market. At first, rebar prices in the market increased sharply amid the weakening of the Turkish lira against the US dollar, while major domestic producers like Kardemir and Icdas revised their prices upwards. However, in the middle of the week the US dollar continued to gain strength against the Turkish lira and no new offers were heard, while market players started to wait for the outcome of the meeting of the US Federal Reserve on December 17, which was expected to give a clearer idea of the likely trend of the exchange rate. Subsequently, the uncertainty in the market started to subside slightly with the US dollar softening against the Turkish lira once again, contributing to rises in prices in the Turkish rebar market, while Turkish steel producer Kardemir, which had temporarily suspended its sales on December 17, reopened its domestic rebar sales again today, December 18, with an upward price revision.
As of today, December 18, traders' rebar offers in the Turkish domestic market are as follows:
Region | Dimension | Price (TRY/mt) | Price ($/mt) | Price changes (TRY/mt) 11.12.2014 |
Marmara | 8 mm | 1,470 | 537 | +30 |
Marmara | 12 mm | 1,450 | 530 | +30 |
Iskenderun | 8 mm | 1,400 | 511 | - |
Iskenderun | 10 mm | 1,390 | 508 | - |
Iskenderun | 12 mm | 1,380 | 504 | - |
Izmir | 8 mm | 1,435 | 524 | +15 |
Izmir | 10 mm | 1,420 | 519 | +15 |
Izmir | 12 mm | 1,410 | 515 | +15 |
Karabuk | 8 mm | 1,410 | 515 | - |
Karabuk | 12 mm | 1,390 | 508 | - |
All prices are ex-warehouse and on actual weight basis. The TRY prices include 18 percent VAT, while the US$ prices exclude VAT.
$1 = TRY 2.32