Domestic rebar prices in Turkey start the week with sharp increases

The positive sentiment in the local Turkish rebar market, which appeared last week due to improved demand and the rises seen in import scrap quotations in Turkey, continues to be observed at the beginning of the current week. Market sources state that the rebar export sales concluded by Turkish mills over the past two weeks have resulted in fuller order books, and so Turkish mills are finding it harder to meet domestic demand. Due to the reduced rebar volumes reserved for the local market, domestic rebar prices in Turkey have increased by TRY 51-85/mt since February 8, though they have moved up by $11-21/mt on dollar basis in the same period due to the fluctuation of the exchange rate.

Meanwhile, Turkish producer Icdas announced its domestic rebar prices earlier today, January 12. Icdas’ 12-32 mm rebar prices in Turkey's Marmara region are now at TRY 2,220/mt ($581/mt) + VAT ex-works, while its rebar prices in Biga, Canakkale in northwestern Turkey are at TRY 2,195/mt ($575/mt) + VAT ex-works. The mill’s list prices have moved up by TRY 34/mt + VAT as compared to its previous price list issued on February 8, while due to currency fluctuations prices have increased by $6/mt on US dollar basis.

As of today, February 12, traders’ rebar offers in the Turkish domestic market are as follows:

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

$1 = TRY 3.81