Higher scrap and billet prices boost expectations of further rise in local Turkish rebar market

Having made a quiet start to the current week, activity in the local Turkish rebar market has revived slightly following the sustained upward movement of import scrap prices and the two billet deals concluded on Tuesday, March 6, at $585/mt ex-works and at $590/mt ex-works, and also due to the quick closure of Turkish steel mill Kardemir’s domestic billet sales.

Following the sales and price increases in question, buyers’ expectations of a further rise in domestic rebar prices in Turkey have strengthened, causing a slight acceleration in purchases as of yesterday, March 7.

As a result, it is observed that domestic rebar prices in Turkey have increased by TRY 8-17/mt since yesterday, after moving sideways from March 2 up to yesterday. Although the TRY 2,424/mt level reached in Turkey’s Marmara region sets another record for the local Turkish rebar market, considering the recent pace of the upward movement of the market, it is observed that the uptrend of prices has lost some speed.

As of today, March 8, 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