Local Turkish ex-works and spot rebar prices fall further on dollar basis

Most Turkish rebar producers as well as local traders have continued cutting their rebar prices in order to generate cash. As a result, local rebar prices have mostly fallen further, though demand is still sluggish.

Official rebar offers and workable prices from the mills in the Marmara and Izmir regions, including İçdaş' prices, have fallen by $5/mt to $600-610/mt ex-works and by $5/mt on the lower end to $595-610/mt, respectively, as compared to April 9. One Izmir-based mill has set its official rebar price at TRY 31,900/mt ($595/mt) ex-works today, April 13, indicating a decrease of TRY 100/mt ($3/mt) over the same period.

An Iskenderun region-based mill has issued its official rebar price at TRY 31,700/mt ($591/mt) ex-works, following a two-day closure of its rebar sales at the end of last week. Sources report that several Iskenderun-based rolling mills are offering rebar today to serious buyers at TRY 31,200-31,300/mt ($581-583/mt) ex-warehouse, down by TRY 200/mt ($6/mt) since April 9. Sources report even TRY 31,000/mt ($578/mt) ex-warehouse was on the table in this region at the end of last week.

Currently, local 12 mm rebar prices in the spot market in Turkey are in the range of TRY 31,400-31,900/mt ($585-594/mt) ex-warehouse in the Marmara and Iskenderun regions, falling by TRY 100/mt ($4/mt), while remaining stable in the local currency and only falling by $2/mt on US dollar basis in the rest of the country, all compared to April 9.

All prices are ex-warehouse and on actual weight basis. Prices in Turkish liras include 20 percent VAT, while prices in US dollars exclude VAT.

$1 = TRY 44.72