Local Turkish rebar market once again impacted by lira-dollar exchange rate

Despite the weakness of demand in the local Turkish rebar market, Turkish mills have increased their domestic rebar prices since SteelOrbis’ report published on May 10 due to higher production costs caused by the depreciation of the Turkish lira against the US dollar.

Turkish producer Icdas announced its 12-32 mm rebar prices in Turkey's Marmara region today, May 14, at TRY 2,441/mt ($565/mt) + VAT ex-works, while its rebar prices in Biga, Canakkale in northwestern Turkey are at TRY 2,415/mt ($559/mt) + VAT ex-works. The mill’s list prices have moved up by TRY 25-26/mt + VAT as compared to its previous price list issued on May 7, while due to currency fluctuations its prices have declined by $2/mt on US dollar basis. Additionally, as per its new price list dated May 14, Turkish steel producer Bastug Metalurji has revised its domestic rebar prices. Accordingly, Bastug Metalurji's domestic rebar quotations for 12-32 mm rebar are at TRY 2,424/mt ($561/mt), for 10 mm rebar are at TRY 2,436/mt ($564/mt) and for 8 mm rebar are at TRY 2,449/mt ($567/mt), all ex-works and excluding VAT. The mill's list prices have moved up by TRY 8-9/mt + VAT as compared to its previous price list issued on May 7, while due to currency fluctuations prices have declined by $6/mt on US dollar basis.  

In the Turkish rebar spot market, prices have increased TRY 8/mt in the Marmara and Karabuk regions as compared to May 10, while they have moved up by TRY 17/mt in the Iskenderun and Izmir regions in the same period. Although, due to currency fluctuations domestic rebar prices in the Turkish spot market have declined by $8-10/mt on US dollar basis. 

As of today, May 14, 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 4.32