Another rise in local Turkish spot rebar market

Today, November 16, spot rebar prices in Turkey have risen by TRY 100-130/mt or $11-14/mt, following the sharp increase observed in the import scrap market. As of today, 12 mm spot rebar prices have settled within the range of TRY 4,450-4,500/mt or $487-493/mt, depending on the region. Market players state that the local Turkish rebar market is very quiet, while most market intermediates are waiting to see the Turkish Central Bank’s decision on interest rates to be announced on November 19. This will be the bank’s first announcement since the appointment of the new central bank governor Naci Agbal.

Meanwhile, similarly Turkish mills have raised their domestic rebar quotations today but, amid the changes recorded in the exchange rate during the day, their dollar prices have decreased since the initial announcements. For example, Icdas’s rebar offers were at TRY 4,510/mt ex-works or $500/mt ex-works earlier today, but the dollar price currently stands at $494/mt ex-works. In Izmir, IDC and another mill have offered rebar at TRY 4,500/mt ($493/mt) ex-works today. In the Karabuk region, Yolbulan A.S. has opened its rebar sales at TRY 4,560/mt ($499/mt) ex-works, while Samsun-based Yesilyurt has announced that its offers are fixed at $500/mt + VAT as the exchange rate fluctuates sharply. Also, Bastug Metalurji in the Iskenderun region has announced its domestic rebar prices at TRY 4,510/mt ex-works today at a similar time to Icdas, while its dollar prices have indicated the same softening during the day.

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 18 percent VAT, while prices on US dollar basis exclude VAT. 

$1 = TRY 7.74