As a result of the uncertainty prevailing the international steel markets for a while now and the fluctuations in the Turkish lira-US dollar exchange rate, buyers in the local Turkish rebar market have maintained a wait-and-see stance, resulting in very low levels of trading activity. Although the Turkish lira has gained significant strength against the US dollar since yesterday, April 18, following the announcement of the snap election in Turkey to be held on June 24, the announcement has not had any positive impact on the ongoing weakness of demand seen in the local Turkish rebar market.
Meanwhile, with the influence of the declines recorded in import scrap quotations in Turkey, Turkish mills such as Icdas and Bastug have revised their domestic rebar prices downwards with their new prices respectively at TRY 2,246/mt ($557/mt) + VAT and TRY 2,263/mt ($560/mt) +VAT, both ex-works. The mostly downward movement of the local Turkish rebar market as of the end of last week has gained momentum since yesterday, while domestic rebar prices in Turkey have decreased by TRY 42-85/mt as compared to quotations in SteelOrbis’ report published on April 16.
As of today, April 19, traders’ rebar offers in the Turkish domestic market are as follows:
|
Region |
Dimension |
Price (TRY/mt) |
Price ($/mt) |
Price changes (TRY/mt) |
Price changes ($/mt) |
||
|
16.04.2018 |
16.04.2018 |
||||||
|
Marmara |
8 mm |
2,288 |
566 |
↓ |
51 |
↓ |
4 |
|
Marmara |
12 mm |
2,271 |
562 |
↓ |
51 |
↓ |
4 |
|
Iskenderun |
8 mm |
2,263 |
560 |
↓ |
68 |
↓ |
8 |
|
Iskenderun |
10 mm |
2,250 |
557 |
↓ |
68 |
↓ |
8 |
|
Iskenderun |
12 mm |
2,237 |
554 |
↓ |
68 |
↓ |
8 |
|
Izmir |
8 mm |
2,263 |
560 |
↓ |
84 |
↓ |
13 |
|
Izmir |
10 mm |
2,254 |
558 |
↓ |
85 |
↓ |
12 |
|
Izmir |
12 mm |
2,246 |
556 |
↓ |
85 |
↓ |
12 |
|
Karabuk |
8 mm |
2,297 |
568 |
↓ |
42 |
↓ |
2 |
|
Karabuk |
12 mm |
2,280 |
564 |
↓ |
42 |
↓ |
2 |
All prices are ex-warehouse and on actual weight basis and exclude VAT.
$1 = TRY 4.04