Domestic rebar demand in Turkey makes quiet start to current week

Monday, 16 July 2018 16:51:19 (GMT+3)   |   Istanbul
       

Having closed last week with an upward movement, prices in the local Turkish rebar market have fallen by an average of TRY 40/mt, including VAT, as compared to Friday (July 13) despite the Turkish lira losing strength against the US dollar on the first day of the current week.

On the other hand, since SteelOrbis’ report published on July 12, domestic rebar prices in Turkey’s Karabuk region have increased by TRY 8/mt, while prices in the Marmara region have decreased by TRY 34/mt and quotations in the Izmir and Iskenderun regions have moved sideways, all prices excluding VAT.

Although the trend of the Turkish lira-US dollar exchange rate observed today, July 16, would have traditionally pushed domestic rebar spot prices in Turkey upwards in a balanced market, prices have not increased due to the weakness of demand.

Meanwhile, SteelOrbis has been informed that Turkish producer Icdas has revised its domestic rebar prices in line with the movement of the exchange rate. Icdas’ 12-32 mm rebar prices in Turkey's Marmara region are now at TRY 2,653/mt ($548/mt) + VAT ex-works, while its rebar prices in Biga, Canakkale in northwestern Turkey are at TRY 2,627/mt ($543/mt) + VAT ex-works. The mill’s list prices have moved up by TRY 102/mt + VAT as compared to its previous price list issued on July 9, while due to currency fluctuations prices have declined by $11/mt on US dollar basis.

The negative influence of the ongoing volatility of the Turkish lira-US dollar exchange rate is still felt in terms of trading activity in the local Turkish rebar market, causing purchases to be made only in line with needs.

As of today, July 16, traders’ rebar offers in the Turkish domestic market are as follows:

Region

Dimension

Price (TRY/mt)

Price ($/mt)

Price changes (TRY/mt)

Price changes ($/mt)

12.07.2018

12.07.2018

Marmara

8 mm

2,669

552

34

10

Marmara

12 mm

2,653

548

34

10

Iskenderun

8 mm

2,653

548

0

3

Iskenderun

10 mm

2,631

544

0

3

Iskenderun

12 mm

2,619

541

0

3

Izmir

8 mm

2,644

546

0

3

Izmir

10 mm

2,636

545

0

3

Izmir

12 mm

2,627

543

0

3

Karabuk

8 mm

2,644

546

8

2

Karabuk

12 mm

2,627

543

8

2

 

All prices are ex-warehouse and on actual weight basis and exclude VAT.

$1 = TRY 4.84


Similar articles

Rebar consumption in Mexico decreases 3.1 percent in January

27 Mar | Steel News

US rebar prices mostly stable with occasional deals

27 Mar | Longs and Billet

Downtrend reverses in Pakistan’s import scrap segment

27 Mar | Scrap & Raw Materials

Turkey seeks to raise rebar export offers, demand mostly seen locally

27 Mar | Longs and Billet

Iskenderun-based Turkish mill increases its rebar price      

27 Mar | Longs and Billet

Major steel and raw material futures prices in China - March 27, 2024

27 Mar | Longs and Billet

US import rebar market remains quiet

26 Mar | Longs and Billet

Saudi Arabia’s Hadeed keeps local longs prices stable again for April

26 Mar | Longs and Billet

Iskenderun-based Turkish mill issues its longs prices

26 Mar | Longs and Billet

Local Indian rebar prices fall more rapidly amid sharp slowdown in procurement by large projects

26 Mar | Longs and Billet