Local Turkish rebar prices improve slightly on lira basis

The price decrease recorded in the local Turkish rebar market yesterday, November 9, has been slightly compensated for today by upward revisions. It is observed that traders in Turkey’s Karabuk region have made up for the entire previous loss, while traders in other regions have increased their prices by TRY 50-80/mt. Following the resignation of economy minister Albayrak, the Turkish lira gained significant strength against the US dollar yesterday, which resulted in downward revisions in the spot rebar market on lira basis. Since traders concluded many rebar purchases at the end of last week, they are observed to be cautious amid the fluctuations of the exchange rate and so demand in the spot market is weak. As of today, 12 mm spot rebar prices have settled within the range of TRY 4,500-4,600/mt or $461-471/mt ex-warehouse, depending on the region.

On the other hand, SteelOrbis has learned that producers are unwilling to cut their prices or offer discounts citing their export sales, while they have also raised their domestic rebar quotations on lira basis.

Today, Icdas’s rebar offers were at TRY 4,600/mt ($471/mt) ex-works at the current exchange rate, while Marmara-based producers’ rebar offers were in the range of $470-475/mt ex-works.

Having remained on the sidelines yesterday without giving offers, IDC and Habas have shared rebar offers at $265/mt ex-works today.

In the Karabuk region, Yolbulan A.S. has opened its rebar sales at TRY 4,600/mt ($471/mt) ex-work, while Samsun-based Yesilyurt has also opened its rebar sales at TRY 4,600/mt ex-works.

Lastly, SteelOrbis has learned that mills in Iskenderun have offered approximately $265/mt ex-works for rebar.

As of today, rebar offers in the Turkish spot market are as follows:

All prices are ex-warehouse and on actual weight basis. Prices on Turkish lira basis include 18 percent VAT, while prices on US dollar basis exclude VAT. 

$1 = TRY 8.27